Bloomberg News

Angie’s List Is Said to Pick BofA to Handle Planned August IPO

June 17, 2011

June 17 (Bloomberg) -- 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 people, 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, North Carolina-based Bank of America, also had no comment.

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

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.

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.

--With assistance from Joseph Galante in San Francisco. Editors: Lisa Rapaport, Nick Turner

To contact the reporters on this story: Lee Spears in New York at lspears3@bloomberg.net; Serena Saitto in New York at ssaitto@bloomberg.net; Olga Kharif in Portland at okharif@bloomberg.net

To contact the editors responsible for this story: Jennifer Sondag at jsondag@bloomberg.net; Tom Giles at tgiles5@bloomberg.net


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