Groupon, the souffle will he fall?

The CEO and founder of Groupon, Andrew Mason, succeeded her little effect. Despite the skepticism about its business model, despite the communication errors on its books, despite the tensions in financial markets, the site of Internet business has made a sensational debut on the stock market. In early trade on Wall Street, Friday, Nov. 4, the value has jumped nearly 50%, introduced 20 dollars, the title was trading at more than $ 29, less than an hour later.

We had not seen such volatility on the stock market since the rating is downgraded the sovereign debt of the United States in August by Standard & Poor's. The "VIX", the Chicago Board Options Exchange Volatility Index, panicked earlier this week, climbing 42% a few days before the IPO of the most anticipated of the year.

Yet all the uncertainties have not flown one stroke of one. But the banks that led the transaction, Goldman Sachs, Morgan Stanley and Credit Suisse had put everything on their side to turn the challenge into success. The low number of shares that were offered for sale has obviously created a scarcity effect, which contributed to the soaring title.

The bubble burst there as quickly as it rose? From the time the $ 700 million public offering raised Friday only 5% of total capitalization, difficult to draw definitive conclusions of the fireworks that has seen Wall Street. A number of investors bought a ticket to board the train, not sure they want to go to the end.

When asked these questions, the IPO of Groupon, beyond the inevitable excesses that surrounds values ​​Internet, has, nevertheless, some virtues: First, the model is fairly cash intensive. This new money is likely to consolidate. Second, market pressure will help structure this model, the push towards greater maturity.

Finally, he devotes an idea whose time has come: that which is to converge physical and Internet commerce. The both have had in recent years in the fear of cannibalizing each other. But more and more players now realize that the future of distribution lies in a balanced mix between the two. Groupon has perhaps not yet found the magic formula. The idea, remember, is to negotiate discounts with physical stores. They expect then to federate Groupon enough buyers to justify a discount. The products are then removed in shops with vouchers distributed by the site. This system undoubtedly has its flaws and is certainly enhanced, but the leading role, played by Groupon is certainly a value. To evaluate the scholarship in the coming months, when the peace will be a little income.