LivingSocial met with banks this week to discuss an IPO of about $1 billion, CNBC reported on Wednesday.

The online coupon company is expected to pick lead underwriting banks by the end of the week and the IPO is expected to value it at $10 billion to $15 billion, according to the report.

LivingSocial is expected to have about $1 billion in revenue this year and is expected to be free cash flow positive by 2012, according to the report.

LivingSocial was not immediately available for comment.

(Reporting by Clare Baldwin; Editing by Phil Berlowitz)

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