IBJNews

Sources: Angie’s List picks adviser to handle planned August IPO

Back to TopCommentsE-mailPrintBookmark and Share

Angie’s List Inc., a website that provides consumer reviews of plumbers, electricians and other services, is preparing to file in August for an initial public offering, said two people with direct knowledge of the plans.

The Indianapolis-based company has chosen Bank of America Corp. to lead the IPO, according to the sources, who declined to be identified because the process is private. The size of the offering hasn’t yet been decided, one person said.

Angie’s List would join the biggest surge in Internet share sales since the dot-com boom a decade ago. A dozen Internet companies have gone public this year, the most in any year since 2000, when the first wave of Web IPOs reached its height. Selling shares would help Angie’s List compete against daily-deal and consumer-review websites, including Yelp Inc., Facebook Inc. and Groupon Inc.

Cheryl Reed, a spokeswoman for Angie’s List, declined to comment. John Yiannacopoulos, a spokesman for Charlotte, N.C.-based Bank of America, also had no comment.

Angie’s List hired Code Advisors last year to help it choose bankers, CEO Bill Oesterle said in an April interview. The company has turned down buyout offers from public companies, Oesterle said at the time.

This spring, Angie's List added management and board firepower likely intended to help win over investors should the company move ahead an IPO.

Silicon Valley startup veteran Keith Krach became chairman and Robert Millard became chief financial officer. Millard formerly was chief financial officer of local firms FinishMaster Inc. and Personnel Management Inc.

On the same day as those announcements, Oesterle confirmed the possibility of an IPO: “We are certainly reaching a size, and have opportunities in front of us that are causing us to consider very seriously a public offering. We could make that decision this year.”

Founded in 1995 by Angie Hicks and Oesterle, Angie’s List provides ratings and reviews to 1.5 million paying members for more than 500 types of businesses.

The company, which now has about 650 employees, continues to grow and is eyeing about 30 possible expansion sites.

In March, Angie’s List said it raised $53.6 million in a private share offering. Last year, Angie’s List said it raised $25 million from investors including venture firms Battery Ventures, Saints Capital and Wasatch Funds.

Online-radio service Pandora Media Inc. and professional- networking site LinkedIn Corp. have gone public in the past month. Several Indiana companies also appeared poised for IPOs.


 

ADVERTISEMENT

  • REPLY: It's a natural...
    When a company that employs less than 500 people removes half of them, I doubt that's natural watashi... And inside info? No I just read news reports. All of the ups and downs have been documented by the locals... And the rest of your post just confuses me, so I'll just end my reply...
  • It's the natural course
    Adding/removing people are just part of the ebb & flow of the business world.

    You have what appears to be some solid details with inside information. Were you burned by AL? If so, screw'em if they can't take a joke.

    Would you rather discuss ExactTarget, employing hundreds of users to write email? Talk about overkill with a chainsaw.

    How about the ego of Biglari? Via his actions, is he trying to look like a young Warren Buffet?

    If you're still into the fun of start-ups (my last two jobs), then I suggest Verge: http://www.meetup.com/vergeindy/.

    N.B. they only have slots for 200 people (fire codes) to RSVP (online) with nearly 1k (people ... The meetings are near the end of each month (June hasn't occurred yet), they have free beer & pizza, and finally, they are co-sponsoring:

    theinnovationshowcase.com, July 12. No restrictions on the crowd size.

    It'll be hosted by DeveloperTown developertown.com). It's (supposed to be) a huge incubator in Broad Ripple. I've missed going at earlier sessions, but I'm quite curious to see it, particularly when it comes to the number of people it can accommodate.

    Me? Unless DT can show me something awesome with a low price, I'm going with the shoestring approach. We've arranged our finances such that we can live on my wife's income. Google hosts sites, you can run Python, Java, or Go (too early for some people. I'm tending to look at Python because Guido works at Google. And move forward. I can always transfer all of the existing work to a co-lo such as DT. There's only one thing I can't and likely can't learn, but that's not going to happen immediately (fingers-crossed).

    Cheers,

    newsworthiness@gmail.com
  • Risky!
    A risky investment for any investor... If you think free social network companies offer fickle customers, think about a paid service that has less than 12 employees outside of Indy that rates contractors, etc.

    I've never understood this company's growth. They lay off 100 employees one year, then receive major investments from Silicon Valley the same year. Then they lay off 250 employees the following year, and receive major money again, and again.

    Does anybody else, other than the Harvard MBA's that run Angie's List, think the current rush of internet IPO's has something to do with these companies running out of money? Do they all just need an influx of cash to survive?

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

  5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

ADVERTISEMENT