US-based social reviews website Angie’s List priced its initial public offering (IPO) at $13 pre share, $114.3m in all, and the shares popped to just under a 45% gain when they began trading on Nasdaq today.
The shares, which are trading on Nasdaq under the ticker ANGI, popped to as high as $18.75 per share, but have fallen back to $16.04 per share, at 1119EST, a gain of 23.4% at press time.
Shareholders in Angie’s List include marketing company Aquent. Selling shareholders included financial services firm City Investment Group, which sold 400,000 shares, venture capital firm Battery Ventures, which sold 403,000, and venture firm BV Capital, which sold about 574,000.
Angie’s List, which aggregates consumer reviews among its online membership for services, is planning to use the proceeds from the IPO chiefly to increase growth among its online membership through enhanced advertising.