As a rule of thumb, investment banks will charge about 7% of the value of a stock issue for an IPO. So, for comparison a ~$1B IPO (which this round was compara

As a rule of thumb, investment banks will charge about 7% of the value of a stock issue for an IPO. So, for comparison a ~$1B IPO (which this round was comparable too) would have earned a bank about $70M in fees. By that metric, only paying $7M in fees seems cheap. Even assuming the lawyers/diligence/audits/etc cost another $10M (and I suspect that's probably way too high), Groupon is still getting off pretty cheap.