LivingSocial Moves Closer to $1 Billion IPO

It’s not quite official yet, but CNBC is reporting that Living Social has selected its lead underwriters for an IPO.

Among the most likely are J.P. Morgan, Bank of America and Deutsche Bank.

The Washington, D.C.-based company, which is the second-largest daily deals company after Groupon, is seeking $1 billion at an implied valuation between $10 billion and $15 billion.

Groupon is seeking to raise $750 million in an IPO, which it filed with the SEC in early June.

The lead underwriters that LivingSocial is likely to work with do not overlap with the ones leading Groupon’s offering, although there might be some overlap if others join later.

LivingSocial has raised a significant amount of money from Amazon.com. Its last round of capital totaled $565 million at a valuation of $3 billion.


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work