(Reuters) – Angie’s List Inc., which provides consumer reviews of local professionals and businesses, priced its initial public offering at $13 a share, the higher end of the expected price range, according to an underwriter.
The offering consisted of about 6.3 million shares being sold by the company, with the rest by certain stockholders, including some members of Angie’s List’s senior management.
The IPO generated $114.3 million in proceeds. The company had planned to sell shares at between $11 and $13 per share in its IPO.
Indianapolis-based Angie’s List, which has over 1 million paid memberships, expects to use a part of the IPO proceeds to fund its advertising strategy.
Its shares are expected to begin trading on Thursday on Nasdaq under the symbol “ANGI.”
Underwriters on the IPO were led by BofA Merrill Lynch.
At $13 a share, the value of the shares held by Angie’s List’s three largest venture backers is $241 million, according to peHUB’s analysis of the company’s most recent S-1 filing with the SEC.
Following the IPO, Battery Ventures will own 8,575,512 shares worth about $111 million at $13 per share, BV Capital will hold 5,169,368 shares worth about $67 million and T. Rowe Price Associates will hold 4,813,712 worth about $62 million.
In addition, Battery is selling 403,224 shares in the IPO for proceeds of $5.2 million (at $13 per share) and BV Capital is selling 574,376 shares for proceeds of $7.5 million, the S-1 statement shows.
For more on the Angie’s List IPO and other VC-backed companies scheduled to go public this week, see peHUB’s slideshow.
(Reporting by Brenton Cordeiro in Bangalore for Reuters and Lawrence Aragon for peHUB; Editing by Gary Hill of Reuters)