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Groupon float boosts Kinnevik billions

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Groupon float boosts Kinnevik billions
08:50 CET+01:00
Swedish investment firm Kinnevik has reported that its net asset value has increased by some 2.14 billion kronor ($324 million) as a result of the successful initial public offering of discount coupon firm Groupon on the Nasdaq exchange in New York.

Kinnevik owns a stake of over 8 million shares in the US-based firm as well as 25 percent in Rocket Internet, which holds over 39,0000 Groupon shares.

Groupon was listed on the Nasdaq exchange in New York on Friday at a price of $28/share and closed at $26.11/share.

Kinnevik was founded in 1936 and is one of the most high profile Swedish holding companies. For many years it was lead by Jan Stenbeck and the family remains strongly connected to the firm.

The firm's investments span business sectors from traditional Swedish industries, such as paper and cardboard, to telecom, bio-energy and media.

Groupon, previously MyCityDeal, is an online company that provides customers with discounted offer on goods and services within lifestyle and leisure.

The firm serves markets across the US, Asia and Europe and has grown by aggressive acquisition of similar services.

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