Angie's List sets IPO price, seeks to raise $114.3M
The consumer review Web site plans to join the ranks of other Internet players tapping into the public markets.
Angie's List, a consumer review site where people rate everything from doctors to tree services, disclosed today in a filing with the U.S. Securities and Exchange Commission that it will seek to raise $114.3 million in an initial public offering.
The company, based in Indianapolis, plans to offer 8.8 million shares for $11 to $13 apiece. It's aiming to go public before Thanksgiving and will list on the Nasdaq under the symbol ANGI.
Angie's List was launched in 1995 by Angie Hicks. Its focus was on home services, but the service has expanded into a range of markets and it now claims more than 1 million paying members.
The company expects to sell about 6.3 million shares in the offering. Existing investors, including Battery Ventures and BV Capital, will sell the rest of the shares. In the end, Angie's List should pocket more than $66 million from the offering--money it says it will in part use to boost membership, according to the filing.
Angie's List aims to join other, far-younger Internet companies planning to go public this month, including Groupon and Zynga. Angie's List announced its intent to go public in August.