Angie’s List files to sell $75 million in stock

May 2, 2012

Indianapolis-based Angie’s List Inc. has filed to offer up to $75 million of its common stock, including $10 million to be sold by the company and the rest by shareholding officers.

Funds from the public offering will be used to finance the company’s advertising campaign to drive membership growth and for general corporate purposes, including working capital, the company said on Tuesday.

The Securities and Exchange Commission filing does not list a selling price or which officers will sell shares. Officers own 46 percent of company shares.

Angie’s List said in the filing that the offering will help increase its “public float.” Too many shares owned by officers makes it more difficult to have an active market for buyers and sellers of a company’s stock.

Angie’s List staged its initial public offering in mid-November, raising $114 million. The company sold 8.8 million shares for $13 each. The stock traded as high as $18.75 on the opening day but since has fallen back to the $13 range.

The company provides online consumer reviews of plumbers, electricians and other service providers.

Angie’s List lost nearly $13.5 million in the first three months of 2012 on revenue of $31.1 million.


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