Angie’s List, which offers consumers a way to review and rate doctors, contractors and service companies on the Web, priced its IPO at the high end of the range, at $13 per share last night, and today is starting to trade on the Nasdaq under the symbol “ANGI.” This morning Angie’s List opened at $18 per share, a nearly 40 percent increase from its pricing last night.
At $18 per share, Angie’s List would be valued at a nearly $900 million market cap. Angie’s List raised $114 million in the offering.
Angie’s List 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.
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.