LivingSocial in IPO Talks With Bankers, Seeking up to $15 Billion Valuation

LivingSocial, the second-largest local commerce site after Groupon, is talking to bankers this week about filing for an intial public offering, CNBC reports.

According to the report, the Washington, D.C.-based company, which is backed partly by, could be seeking up to $1 billion in capital in a deal that could value the company at $10 to $15 billion.

A company spokesperson said the company does not comment on rumors.

As I previously reported, the company expects to record $1 billion in revenues this year. Additionally, CNBC said LivingSocial expects to be cash-flow positive in 2012.

While the company is only in discussions at this point, it will be interesting to see which bankers it will be able to work with.

Groupon filed its registration papers on June 2, seeking $750 million, and is working with Morgan Stanley, Credit Suisse and Goldman Sachs.

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald