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Angie's List Trades Below Nasdaq Open

NEW YORK ( TheStreet) -- Consumer reviews site Angie's List (ANGI) saw its shares rise nearly 40% from the initial offer price on its first day of trading but the stock cooled Thursday afternoon.

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 - Get Report), LinkedIn (LNKD - Get Report) 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.

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