Angie’s List Jumps Quickly in IPO Debut
Angie’s List, the consumer reviews site that members pay for, has completed its IPO at the high end of its range, raising $75.6 million for the company and $30.7 million for shareholders.
The company debuted at $13 a share, and in early morning trading rose to nearly $18 a share before settling at around $16 a share, representing an increase of 23 percent. Angie’s List had intended on selling 8.8 million shares at $11 to $13 apiece.
Angie’s listing closely follows Groupon, which jumped on its first day to a high of $31 in early trading, after pricing at $20 a share.
Angie’s List can be found trading on the Nasdaq market under the symbol ANGI.
The company, which is not profitable, intends to spend the proceeds on advertising strategy to drive membership growth, and for general working capital.
Those with stakes greater than 5 percent include TRI Investments, Battery Ventures, BV Capital and T. Rowe Price Associates. Battery Ventures and BV Capital offered 403,224 and 574,376 shares, respectively, resulting in sales of $5.2 million and $7.5 million at $13 a share.
The company’s founder, Angie Hicks, offered 72,000 shares, resulting in a payout of nearly $1 million.