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LivingSocial picks BofA, JPMorgan, Deutsche for IPO
July 8, 2011 / 9:05 PM / 6 years ago

LivingSocial picks BofA, JPMorgan, Deutsche for IPO

NEW YORK (Reuters) - LivingSocial has picked Bank of America Merrill Lynch, JPMorgan and Deutsche Bank to lead-underwrite an IPO that could value the daily deals site at $10 billion to $15 billion, two sources with knowledge of the matter said.

<p>LivingSocial co-founder and Chief Executive Officer (CEO) Tim O'Shaughnessy speaks during the Reuters Global Technology Summit in New York May 19, 2011. REUTERS/Lars Paronen</p>

The three banks declined to comment.

LivingSocial, runner-up to Groupon in the fast-expanding market, is the latest Internet startup seeking to woo investors keen to pile into social media companies from LinkedIn and Twitter to Zynga and Facebook.

In April, LivingSocial raised $400 million in a round of funding that included LightSpeed Venture Partners and Amazon, giving it a value of about $3 billion.

Larger rival Groupon has filed for its own public debut, at a potential valuation of $15 billion to $20 billion.

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.

CNBC first reported the selection of lead underwriters on Friday.

Reporting by Clare Baldwin; Editing by Gary Hill

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