Angie’s List Prices I.P.O
Review site for local services Angie’s List (NASDAQ:ANGI) priced its initial public offering at $13 per share and popped as high as $18.75 in debut trading. The company sold 8.79 million shares and is expected to raise $114.3 million. Bank of America (NYSE:BAC) and Merrill Lynch underwriters can also sell another 1.3 million shares.
Debuts by well-known technology companies are liked by investors — shares of Groupon (NASDAQ:GRPN) rose 31 percent to almost $26.11 on opening day and when chip maker, InvenSense, debuted on Wenesday it gained 19 percent — but the larger I.P.O. market remains rough.
As the European sovereign debt crisis continues to threaten the global economy, quite a few companies are putting off offerings or accepting lower prices. Catalog and online retailer, Bluestem Brands, recently said it was delaying its offering, while drugmaker Clovis Oncology priced its shares at $13, at the low end of its expected range.
Angie’s List (NASDAQ:ANGI) may not be the most popular recent I.P.O, but it has a strong base of paying users across the United States. Revenue at Angie’s List rose 40.5 percent to $38.6 million in the first six months of this year from a year ago.
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