Local-business reviewer Angie's List Inc. set the range of its initial public offering at $11 to $13 a share and said it plans to offer 8.8 million shares.
The company, which had said in August it planned to sell $75 million of stock, runs a ratings and review service for members to research, hire, rate and review local professionals like plumbers and auto mechanics. Members pay a subscription, but the company gets more of its revenue from service providers. It lets local service providers who are highly rated by members advertise discounts and other promotions to its membership base.
The company plans to sell 6.3 million shares. Members of senior management are selling about 2.5 million shares, of which the company won't receive any proceeds.
In the first half, its loss widened despite 40% growth in revenue, as its marketing costs shot up 89%.
Angie's List said it would use proceeds from its portion of the offering to pay for advertising to build membership, as well as for general corporate purposes. It said it could use some of the money to snatch up complementary technologies, products, services or businesses.
TRI Investment LLC , which is run by Angie's List directors John H. Chuang and Steven M. Kapner , owns 23% of the business.
The company plans to list its stock on Nasdaq Global Market under the symbol ANGI.
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