Angie’s List May Raise up to $131 Million in IPO

Angie’s List, which helps online consumers research, hire and review local services for homes and cars, has updated its public offering to set its price range.

It says it plans to sell 8.8 million shares at $11 to $13 apiece to raise as much as $114 million. Including overallotments, that could increase to $131.5 million.

Of the shares sold, 2.5 million will come from senior management, and therefore the company will not receive any proceeds from those shares sold.

The company says it will trade on the Nasdaq market under the symbol ANGI.

At the high end of its price target, the Indianapolis-based company will be valued at $722 million, based on 55.6 million outstanding shares after the offering.

The company conservatively estimates that net proceeds will total $66.4 million to $81.1 million (if the underwriters choose to sell additional shares) and if the share price is at the midpoint of $12.

The proceeds will be used to fund the company’s advertising strategy to drive membership growth and for general working capital. It may also acquire complementary products or services.

In the nine months ended Sept. 30, the company lost $43.2 million on revenues of $62.6 million.

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