LivingSocial next deal of the day service to IPO?

 Kate Kelly at CNBC just reported LivingSocial — a Groupon-like daily-discount company — is in the process of picking bankers for its IPO.

Here are the details, as reported by CNBC:

• An IPO could value LivingSocial at $10 billion to $15 billion.

• LivingSocial is likely to pick a banker by the end of the week.

• LivingSocial is expected to reach $1 billion in revenue this year, and they expect to be free cash flow positive by 2012.