Shares opened at $18, up from its initial pricing of $13. But by afternoon trading, the stock was trading at $15.50, giving it a market cap of around $860 million.
The company sold 8.8 million shares during its IPO, raising $114 million.
Indianapolis-based Angie's List lets consumers research and review local services such as roofers, plumbers and house cleaners. The site has more than 1 million paying members who have access to its reviews.The Angie's List IPO follows a slew of other recent Internet-related offerings, including Groupon (GRPN), LinkedIn (LNKD) and Pandora (P). Groupon, which debuted on Nasdaq earlier this month saw shares pop 40% on its first day of trading, though they have declined since then. Angie's List reported 2010 revenue of $59 million, up from $46 million during the year prior. Its net loss widened to $27 million from $12 million in 2009. BIA/Kelsey analyst Peter Krasilovsky said that while Angie's List "has been a trailblazer in the service review arena and appears to maintain high satisfaction rates among both consumers and businesses," several questions about the company remain, such as its ability to compete against free services, to acquire and integrate companies and to launch advertising campaigns targeting local markets. --Written by Olivia Oran in New York.
>To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV