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.