Angie’s List stock jumps 25% in value on 1st day
11/18/2011NEW YORK -- Consumer-reviews site Angie’s List Inc.’s stock grew 25 percent on its first day of trading Thursday, showing investor appetite for Internet firms.
The company’s public debut came the same day that another reviews site -- San Francisco-based Yelp Inc. -- filed for an initial public offering of stock.
Founded by Angie Hicks in 1995, Angie’s List runs reviews of dentists, doctors, veterinarians, gardeners, plumbers, and other businesses. About 1 million people pay a monthly fee to access the reviews.
On Wednesday, Angie’s List priced its offering of 8.8 million shares at $13 each -- at the top of the range it had expected. The stock rose $3.26 to close at $16.26 a share on Thursday, valuing Angie’s List at about $904 million. It opened at $18 and traded in the range of $15.02 and $18.75.