Employees and guests of Groupon ring the opening bell
Company executives may not be celebrating anymore, as Groupon shares have fallen below their IPO price. REUTERS

It is turning out to be another rough day for shares of Groupon.

Shares of Groupon are down another 14.25 percent to $17.21 at mid-morning trading. Shares have now fallen below its initial public offering price of $20.

Shares of the company began trading at $28 on its first day, later hitting a high of $31.14 before closing at $26.11.

Groupon isn't the only company whose IPO is underwater. According to a recent study by Dealogic, companies that went public in 2011 are down on average 8 percent from their IPO price.

The IPO received mixed prospects from the beginning. While analysts generally didn't think the company would be a flop, many viewed the company as overvalued from its initial market value.

Furthermore, IBTimes reported earlier this month that Groupon was drawing high interest from short-sellers. The rush to sell short means that many investors believe, as analysts did, that the company was overvalued.

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