LivingSocial last month issued equity shares of its business valued at $29.4 million, according to two new filings with the U.S. Securities and Exchange Commission. LivingSocial is a private company and the shares are essentially privately held stock. A much larger initial public offering of stock remains a distinct possibility, given the spate of recent successful IPOs of online companies such as LinkedIn.
The stock issuance relates to the company’s recent acquisitions of two daily deal companies—Ensogo, which serves consumers in Southeast Asia, and GoNabit, which focuses on the Middle East, LivingSocial says. The filings note that the issuance was “made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.”
The deals were announced on June 27 and the filings, released publicly this week, were dated June 21 and 22, respectively. The June 21 filing was for $24.6 million and the June 22 filing was for $4.8 million. When LivingSocial announced the deals it did not disclose the price of the acquisitions. The daily deal operator did not provide further detail about the stock issuance.
LivingSocial, which launched a Netherlands daily deal site the same day as the acquisitions, looks at each market on a case-by-case basis as to whether it makes sense to acquire an company already entrenched in the market or to build one from scratch, Jake Maas, senior vice president, corporate and business development, previously told Internet Retailer. “Different tactics make sense in each market,” he says. “Whichever tack we choose it ultimately comes down to our basic strategy—having great local teams that understand their local market but also share our broader vision for the space.”
LivingSocial has a presence in 21 countries.