Angie’s List Inc. (NASDAQ:ANGL) announced late Wednesday that the consumer review website has agreed to price its IPO at $13 per share. This price is at the top of the range that Angie’s List had initially told investors. Share are expected to begin trading publicly on Thursday November 17.
Founded by Angie Hicks, the company, based out of Indianapolis, IN, runs reviews of dentists, doctors, veterinarians, gardeners, plumbers and other businesses offering a range of local services.
Prior to the public release of shares it was announced that stockholders would offer up 2.5 million shares of the 8.8 million shares expected at release.
Angie’s list will trade under the identifier “ANGL” on the Nasdaq market. Unlike other review sites Angie’s List charges a monthly fee for membership and relies on customers that are willing to pay for legitimate reviews on a variety of subjects. Angie’s List does not allow anonymous reviews and they also do not allow companies to pay for better ratings. This ensures users that the reviews they are reading are trustworthy and have been vetted by the website.
Angie’s List reported a revenue of $59 million in 2010 and $62.6 million in the first nine months of this year. The company announced that despite those revenue numbers they lost $27.2 million in 2010 and $43.2 million. The company announced that those loses came in conjunction with a large spending spree on advertising to bring new customers in.
Angie’s List said funds from the IPO will be used for everyday corporate purposes and a continually aggressive advertising campaign that will focus on the New York and Los Angeles markets.