Battery Ventures-Backed Angie’s List Plans August IPO — Source

(Reuters) – Angie’s List Inc., a website that compiles consumer reviews on everything from plumbers to pediatricians, has picked Bank of America Corp. to steer its initial public offering planned for August, a person briefed on the matter said on Saturday.

The IPO for the Indianapolis-based company is expected to take in from $100 million to $200 million and value the company at about $1 billion, the source said.

The website’s selection of Bank of America to lead the IPO was first reported by Bloomberg. Bank of America declined to comment on Saturday.

Angie’s List was founded by Angie Hicks and Bill Oesterie in 1995.

Its parent company, Brownstone Publishing LLC, has raised $116.6 million in venture capital over six rounds since 2008, according to Thomson Reuters (publisher of peHUB). Valuation data were unavailable for each of the rounds.

Battery Ventures led a $35 million round for the company in April 2008 and has participated in five of the company’s six rounds. Most recently, Brownstone raised $53.6 million from Battery and Cardinal Equity Partners, according to Thomson Reuters. The company’s other backers include BV Capital, Lighthouse Capital Partners, Prism Capital and Saints Ventures, Thomson Reuters reports. Bloomberg reported in April that T. Rowe Price Group Inc. and Wasatch Funds are also investors in Angie’s List.

The Angie’s List website provides thousands of reviews about local service companies in more than 100 cities. Subscribers to the site pay a fee to access the aggregated reviews of companies that service homes, autos and health.

The IPO would add to the list of websites going public in recent weeks, including the professional networking site LinkedIn Corp. (Nasdaq: LINKD) and music site Pandora Media Inc. (NYSE: P). The stocks of both have fallen sharply since the initial offering due to concerns out their profitability.

(Reporting by Clare Baldwin, Reuters; Writing by Michael Hirtzer, Reuters; Editing by Peter Cooney, Reuters)

Additional reporting by Lawrence Aragon, peHUB