LivingSocial is reportedly preparing to file for an initial public offering that could seek to raise about $1 billion for the daily-deals website.
The company, based in Washington, has selected Bank of America Merrill Lynch, Deutsche Bank and JPMorgan Chase & Co. as its underwriters for the IPO and has the valuation of the company set 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 report.
Groupon Inc., which also offers local deals online tied to specific cities, filed in June for an IPO that it hopes can 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 that its user base is made up of about 10 million subscribers in more than 120 markets and five countries.
In December, Amazon.com Inc., 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.