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LivingSocial names banks to lead $1 billion IPO

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Washington, D.C.—Daily deals company LivingSocial will go public, led by Bank of America's Merrill Lynch division, Deutsche Bank and JP Morgan Chase & Co. The initial public offering is expected to raise $1 billion. LivingSocial is the No. 2 daily deals player, behind Groupon, which filed IPO papers with the Securities and Exchange Commission last month. LivingSocial expects to be in 400 markets by the end of this year, compared with Groupon's current presence in 500 markets. The impetus to go public may be fueled by the immense recent activity in the daily deals space. Last month Amazon.com Inc. introduced its second daily deals service, and in April both Google Offers and Facebook Deals entered the fray.
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