Groupon, raised $700 million after increasing the size of its initial public offering, becoming the largest IPO by an Internet company since Google in 2004.

Shares of Groupon were oversubscribed and company increased its offering by 5 million shares to 35 million shares and priced  them at $20, above an initial range of $16 to $18.

The pricing values the three-year old “daily deals” at almost $13 billion. Its shares will trade under the ticker GRPN on the Nasdaq.

The company is selling only about 5 percent of its shares outstanding. A tight float like that drives up share prices in the short term.

“Groupon is expensive. The $12.8 billion valuation is only achievable because of the low float,” said Rob Romero, head of technology-focused hedge fund firm Connective Capital Management.

“The post-IPO investor will be taking a risk on this deal,” said Josef Schuster, founder of IPO research and investment house IPOX Schuster. “It’s maybe a good trade for a day trader, in and out in a single day, but I don’t want to be in it for the long run.”