Consumer review website Angie's List Inc. said Wednesday that it expects to raise roughly $66.4 million with its initial public offering and price its shares between $11 and $13.
The Indianapolis company's shares will trade on NASDAQ under the ticker symbol ANGI.
Angie's List first announced the planned offering in August and said at the time that it hoped to raise up to $75 million.
The company said in the latest filing that expects to sell 6.25 million shares, with about 2.5 million to be sold by current stockholders. The company won't get any of the money from the shares sold by current stockholders.
The offering could raise as much as $81.1 million if its underwriters exercise their option to sell extra shares.
The company said it will use the money for advertising to get new members, and for general corporate purposes.
Angie's List said it plans to continue aggressively investing in national advertising to deepen its market penetration,
particularly in New York and Los Angeles. It has also said it is expanding into new categories. It started by focusing on
home improvement services, and now covers categories such as health and car restoration.
As IBJ reported Tuesday, Angie's List lost $43.2 million in the first nine months of
this year, a 59-percent increase over the same time period of 2010.
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This company is about as useful as a Thick Yellow Page Phone Book v. Someone simply going the business online.
This business model is highly flawed and is rich in the red. So blown away that Mitch and his buddy Ballard are giving $ so this failed business model can buy real estate? IF I AM AN INVESTOR MY FIRST QUESTION IS WHY OWN THE REAL ESTATE NOW AT THIS POINT.