In its initial filing back in June 2011, Groupon expected to raise $750 million in its IPO.

The estimated valuation of $11.4B or less is far less than earlier estimates of $20B.
Morgan Stanley, Goldman Sachs and Credite Suisse are the lead underwriters.

Groupon critics argue that while the company is operating cash flow positive, it relies mainly on short-term cash from paying its merchants and needs more cash to fund its working capital.

Groupon rejected Google's $6B acquisition offer nearly a year ago, in December 2010.

CEO Andrew Mason sent around an internal memo to his team on August 25 about this "IPO baby," stating that "having seen the ultrasound, I can promise you it's not one of those uglies."

Mason and his team have released their roadshow video, and will be on-tour for the next two weeks.

Next week they will pitch that "IPO baby" to investors.

It's due on November 4.

Image via paparutzi.