LivingSocial, the number two competitor to the group-discount website Groupon, has selected the lead underwriters for a planned initial public offering, among them JP Morgan, Bank of America and Deutsche Bank .
Source: livingsocial.com
Although the initial paperwork hasn't yet been filed, the D.C. based company has been exploring an IPO that could be sized at about a billion dollars, and believes it has implied valuation between $10 billion and $15 billion.
In terms of the bank lineup, three names are conspicuously absent from that list: Morgan Stanley , Goldman Sachs and Credit Suisse . That's no coincidence because those three firms are leading the Groupon IPO.
Groupon registered with the Securities and Exchange Commission early last month. The deal is expected to be at least $750 million in size.
Although there will likely be some overlap between the banking teams on the two deals—JP Morgan and Bank of America for instance, are expected to be involved in Groupon in more subordinate roles.
Those calling the shots for Groupon and LivingSocial, which could potentially both come to market this fall, are likely to be separate.
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