LivingSocial reportedly preparing for $1-billion IPO


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LivingSocial is reportedly preparing to file for an initial public offering of stock that could seek to raise about $1 billion for the daily deals website.

The Washington, D.C., company has selected Bank of America Merrill Lynch, Deutsche Bank and JPMorgan Chase & Co. as its three underwriters for the IPO and have the valuation of the company set somewhere between $10 billion and $15 billion, according to CNBC, which first reported on the plans.


Andrew Weinstein, LivingSocial’s head of communications, said ‘we don’t comment on rumors or speculation’ when asked about the validity of the reports.

The Wall Street Journal and New York Times said they’ve verified the CNBC story through unnamed sources.

Groupon, which also offers local deals online tied to specific cities, filed for an IPO of its own in June that is looking to raise $750 million. Groupon has said it operates in 175 North American markets and 43 countries and has about 83.1 million subscribers.

LivingSocial has said previously that its user base is made up of about 10 million subscribers in more than 120 markets and five countries.

In December,, the Web’s largest retailer, invested $175 million in LivingSocial alongside an $8-million investment from Lightspeed Venture Partners of Menlo Park, Calif.

LivingSocial has yet to file an S-1 form, which would declare and detail its IPO plans, with the Securities and Exchange Commission.



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-- Nathan Olivarez-Giles