ON OCTOBER 24th Groupon says it will start its "roadshow". The social-media sensation, which offers online coupons for bargains at local shops and restaurants, is planning an initial public offering later this year. Valuations as high as $20 billion were until recently bandied around, but that now seems wildly optimistic. Groupon will lose $28om on revenues of $1.69 billion in 2011, predicts Benchmark, a consultancy. That is an ocean of red ink.
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