Online coupon seller Groupon Inc. is discounting its expectations for its first stock offering.

The company now expects net proceeds of about $478.8 million from its initial public offering of 30 million shares. In June, it said it hoped to raise up to $750 million.

The company says in a regulatory filing on Friday that the IPO will be priced between $16 and $18 per share. Its net proceed amount is based on the midpoint of the price range and after deducting offering expenses and underwriting discounts and commissions.

Groupon's IPO has been beset with questions about how it accounts for revenue and its business model, as well as a weak market for stock offerings.

Groupon plans to use the proceeds for working capital and other purposes, including potential acquisitions.