Angie’s List is the latest tech company to list in the Nasdaq, instead of the NYSE. This follows Groupon, Jive and Zynga both choosing the Nasdaq. Angie’s List will be traded under the symbol “ANGI.”
Angie’s List, which offers consumers a way to review and rate doctors, contractors and service companies on the Web, wants to raises as much as $75 million in its offering. The company launched in 1995 with a focus on local home, yard and car services, sits at the intersection of local search, user-generated content and subscription-based services. To date, Angie’s List has raised nearly $100 million from Battery Ventures, T. Rowe Price, City Investment Group, Cardinal Ventures and others.
The company also updated its S-1 to reflect Q3 revenue and data. As of September 30, 2011, the company offered its service to paying members in 175 local markets in the United States (compared to 170 as of August). Angie’s List now has more than 1 million (up from 820,000) paid memberships.
Angie’s List incurred marketing expenses of $30.2 million and $48 million in 2010 and the nine months ended September 30, 2011, respectively. In 2010 and the nine months ended September 30, 2011, the company’s revenue was $59.0 million and $62.6 million, respectively. In the same periods, Angie’s net loss was $27.2 million and $43.2 million. Angie’s List has incurred net losses its start and had an accumulated deficit of $160.6 million as of September 30, 2011.
While Groupon and Zynga are more high-profile offerings, this is still another win for Nasdaq in the war over the tech IPO listings. Many of the early 2010 tech IPOs went to the NYSE, including LinkedIn, Pandora, Fusion-IO, Bankrate, Demand Media, and RenRen. But Nasdaq was able to grab Yandex, HomeAway and Zillow. And with the new Fall listings on board, it looks like Nasdaq may now be the frontrunner in the battle for technology IPO listings.
Disclosure: My husband is an employee of Groupon.