Daily deals site LivingSocial is raising a targeted $400 million in a private offering of which over $176 million of that amount has already been raised, according to a filing with the Securities and Exchange Commission.

Code Advisors LLC and J.P Morgan Securities are the underwriters in the sale. The latest round of funding will be used to build company operations and isn't going to investors looking to sell stake, a person familiar with the fundraising told the Associated Press.

The deal likely means the Washington D.C.-based company, the second largest daily deals site behind Chicago-based Groupon, will hold off on an initial public offering for several months.

Groupon launched its IPO early last month, raising $700 million by offering 350 million shares at $20 each. Although the stock fell below its IPO price about three weeks after the offering, shares as of Thursday afternoon are back up to $21.70.

Groupon has a market capitalization of approximately $13.8 billion, while LivingSocial's market value hovers around $6 billion.

LivingSocial has raised large sums of money from outside investors on several different occasions, including an additional $400 million in April. Last month, the International Business Times reported that LivingSocial looked to raise nearly $200 million from new and old investors and was discussing plans for a credit facility of $100 million.