Shares of daily deals site Groupon Inc rose 46 percent in hectic early trading on Friday.

The shares were at $29.15 or 46 percent above their $20 IPO price a few minutes after opening on the Nasdaq.

The company on Thursday sold 35 million shares for $20 each, raising $700 million. It had filed with the U.S. Securities and Exchange Commission to sell 30 million shares for $16 to $18 each.