RetailMeNot Inc. (NASDAQ: SALE) launched its initial public offering (IPO) this morning at a price of $21 a share, the mid-point of its expected range of $20 to $22. A total of more than 9 million shares were offered, half on behalf of the company and the other half from selling shareholders. Underwriters have a 30-day option on another 1.36 million shares.

RetailMeNot says it operates the largest digital coupon websites in the United States and the United Kingdom, and that it has contracts with more than 10,000 retailers at the end of 2012. Some 60,000 retailers and brands offered digital coupons through the websites in 2012. Most of the company’s business comes through agreements with performance marketing firms, not directly from retailers. In 2012 the company’s revenues totaled $144.7 million, up from $16.9 in 2010.

RetailMeNot expects to use $52.5 million of the proceeds from the IPO to pay unpaid dividends, $6.6 million to repay notes that mature on August 31 and the balance for working capital and other general corporate purposes, and in its filing it says it will invest the remaining proceeds in short-term, interest-bearing, investment-grade securities.

Shares are booming this morning, up nearly 30% in the late morning, at $27.12.

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