RetailMeNot shares soar after initial public offering

RetailMeNot shares soar after initial public offering
NEW YORK (AP) — Shares of RetailMeNot Inc., a provider of online coupon codes for retailers, are jumping after the company and some of its shareholders raised $190.9 million in its initial public offering.

In morning trading, the shares rose $6, or 29 percent, to $27 after peaking at $27.30 earlier in the session. The shares are listed on the Nasdaq stock exchange under the ticker "SALE."

Earlier, a total of 9.1 million shares of were sold in the IPO for $21 each. Half were sold by the Austin, Texas-based company and half were sold by shareholders.

The company plans to use proceeds from the IPO to pay dividends on outstanding shares of preferred stock and repay six promissory notes. The rest will be used for working capital and other general corporate purposes.