The story is pretty simple - paper coupons in Sunday newspapers are dead or dying. Not only is circulation declining but the already-small redemption rates for paper coupons have dropped from 1.5% to 0.6%. [The IPO roadshow slides are archived here.]
On the flip side online coupons from Coupons.com (COUP) have soared in reach and redemption rates there have more than doubled from 6.1% to 15.1%. The existing paper coupon companies (like Valassis and Catalina) have failed to make the transition.
Although the company might be viewed as consumer . . .