Nov. 2 (Bloomberg) -- Angie’s List Inc., the consumer-review website, plans to raise as much as $114.3 million in its initial public offering.
The Indianapolis-based company is offering 8.8 million shares for $11 to $13 apiece, according to a filing today with the U.S. Securities and Exchange Commission. At the midpoint, Angie’s List would be valued at about $667 million. The company expects to price the offering on Nov. 16, Bloomberg data show.
Angie’s List joins Internet companies Groupon Inc. and Zynga Inc. in attempting to complete its IPO before the Thanksgiving holiday. U.S. companies had delayed plans to go public after gyrating stocks and high volatility since August eroded investor appetite for new shares.
Groupon, the Chicago-based online-coupon provider, is attempting to raise $540 million in an IPO this week, Bloomberg data show. Zynga, the San Francisco-based developer of games for Facebook Inc.’s site, is planning to complete its IPO before Nov. 24, people familiar with the process said last month.
Revenue at Angie’s List increased 46 percent to $62.6 million in the nine months ended Sept. 30 compared with the year-earlier period, the filing shows. Its net loss widened to $43.2 million from $18.9 million.
Angie’s List offers reviews of plumbers, electricians and other service providers to paying site members, which surpassed 1 million last month. The site was started by Angie Hicks in 1995, who was the company’s president until 1998, when she took a leave of absence to get a master’s in business administration from Harvard University. Hicks is the chief marketing officer.
The company is selling about 6.3 million shares in the offering, with the remaining 2.5 million being sold by existing shareholders, according to the prospectus. Sellers include Battery Ventures, which will reduce its stake to 15 percent from 18 percent, and BV Capital, which will pare its stake to 9.3 percent from 12 percent. Hicks plans to trim her stake to 1.5 percent from 1.8 percent, the filing shows.
Angie’s List will receive an estimated $66.4 million in net proceeds from the offering and will use the capital to fund advertising and increase membership, according to the filing.
The IPO, first announced in August, is being led by Bank of America Corp. The shares will list on the Nasdaq Stock Market under the symbol ANGI.
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