Angie's List Plunges as Lock-Up Expires

Shares of Angie's List ANGI, which went public in November 2011, are plunging on Tuesday after the IPO lock-up on a large block of shares expired. In mid-day trading, ANGI has lost a little more than 16 percent and was trading at just above $11.00. According to Bloomberg, investors that hold 44 percent of the common shares are eligible to sell the stock as of today. The move is clearly being driven by heavy selling on the part of some institutional investors as volume in the stock is running well above average. Angie's List raised $114 million in an IPO after pricing its shares at $13.00 apiece. Angie's List, Inc. (Angie's List) operates a consumer-driven solution for its members to research, hire, rate and review local professionals for critical needs, such as home, health care and automotive services.