Angie’s List Files for IPO
Angie’s List, the Internet website that allows consumers to post and read reviews on various contractors and service providers in their local market, filed documents for an initial public offering this week. The company said it aims to raise as much as $131.4 million in the IPO, and will price its shares in a range between $11 and $13 each. The company will be listed on the Nasdaq under the ticker symbol ANGI. At the top end of its pricing range, the company would be valued at close to $700 million.
Angie’s List first launched in 1995. The service originally focused on local home, yard and car services, but has since expanded to include everything from construction companies to doctors. The business is in an interesting spot, combining elements of local search, user-generated content and subscription-based services. Through prior fund-raising rounds, the company has raised close to $100 million from T. Rowe Price, City Investment and others.
At the end of September, Angie’s List was available in 175 US markets, up from 170 the previous month. The service now boasts more than a million paid subscribers and is still growing. So far this year, the company has spent just over $30 million on marketing, after spending $48 million in 2010. Through September, the company generated revenue of $62.6 million and posted a net loss of $43.2 million.