Groupon IPO: "C'mon" !!!

What am I missing here? This is a company that: a) lost over $200 million in the first three quarters of 2011; b)  still suffering from bad publicity around its overly aggressive financial accounting standards; and c) has a business model with low barriers to entry and copycat competitors sprouting up everywhere. Yet, after its first day of trading, Groupon's market capitalization is close to $13 billion. I think this is truly preposterous. As the French say, "Apres Moi, le Deluge."

http://www.businessweek.com/news/2011-11-04/groupon-raises-30-more-than-sought-prices-ipo-above-range.html