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Daily deals juggernaut Groupon has just launched Groupon Now, a spinoff service which looks to break its traditional deal-a-day model and offer real-time deals based simply on the user’s location.

Revealed in March, the service works both through the web and its location-aware iPhone and Android mobile applications. Irrespective of the time of the day and their location, users can use either component to find deals, which have time-restrictions set by the businesses that offer it, in their vicinity.

The service is currently only active in Groupon-headquartered Chicago, but will soon be expanding to other cities around the United States and the world.

Despite its rapid growth, and a market in which competitors have been quick to sought alternative approaches, Groupon has able to stay particularly faithful to its original concept of a deal a day in every city. But now, as it begins to spread its wings, it could mean the company is ready to take the next big step.

Last month, news broke that the company was looking to make an initial public offering that could value it between $15 billion to $20 billion. According to AllThingsD’s Kara Swisher, Groupon was ready to file its public offering this week with Goldman Sachs and Morgan Stanley co-leading the offer, but decided to hold back — although probably for not much longer.

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