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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.
LivingSocial offers discounts on restaurant dining, lodging and other items, alerting its 39 million members via email about the deals. It gets its revenue, expected to hit $1 billion this year from local merchants that agree to the discounts.
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