The strike price, well above Groupon's stated target of $16 to $18, gives the company a value of $12.7 billion. That makes it the largest technology company to go public since Google did so in 2004, according to the Associated Press.
Whether Groupon deserves such a large valuation has been widely debated since it first filed with the SEC in June. Groupon's path to its IPO has been riddled with criticism about its business model, questions about its accounting practices and attention to its stockholders' habit of taking most of the company's funding off of the table.
Defenders of the company's valuation often point to its 83.1 million subscribers and potential to pivot to models beyond daily deals.
The company increased the size of its offering by 5 million shares to 35 million shares at the last minute, reports Reuters. The percentage of outstanding shares that it will sell, about 5%, is still tiny enough to be a factor in driving up price and demand.
LInkedIn similarly offered a small percentage of outstanding shares during its IPO (8.3%) and saw its stock price more than double during its first day on the market.
Evercore Partners analyst Ken Sena told CNBC he thinks there will be a lot of "enthusiasm out of the gate" for Groupon that will settle "more into what can be supported based on the cash flow."