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Angie’s List, a niche site helping people find and review plumbers, building contractors, doctors and other service professionals, plans to raise up to $130 million in its upcoming public offering, which could value the company at more than $720 million.
The IPO has been planned since late August. In updated SEC documents filed today, the company indicated that it plans to offer about 10 million shares at up to $13 apiece. After the offering, 49 million shares will be outstanding, which would put the company’s value at $641 million. No date has been set for the IPO.
The company lost $8 million on revenue of $61 million in 2010. It has about $1 million in the bank.
Angie’s List was founded in 1995 by Angie Hicks (referred to as Angela Hicks Bowman in SEC documents) who initially collected reviews by going door-to-door in her hometown of Columbus, Ohio, according to the company’s official bio. She left the company in 1998 to get an MBA at Harvard Business School, according to Bloomberg BusinessWeek, and later returned at the company’s chief marketing officer.
Hicks holds 1.8 percent of the company that bears her name, while chief executive William Oesterle holds 7.5 percent.
Chief backers include TRI Investments, Battery Ventures, BV Capital, and T. Rowe Price.