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Groupon has already taken the public markets by storm, with the Chicago-based daily deal site posting a massive $16 billion market value just a few days after its IPO.

Now, Groupon rival LivingSocial is getting ready to announce a massive $200 million funding round that will value the Washington D.C. startup at more than $5 billion, reports The New York Times. LivingSocial had discussed the possibility of going public earlier this year, talking to bankers about a deal that would value it at roughly $10 billion to $15 billion in the public markets.

In the latest funding round, The Times’ reports that insiders at LivingSocial will not sell shares.

The deal is expected to close next week, and will include both old and new investors. In December 2010, invested $175 million in LivingSocial, an investment that came as Google was considering buying Groupon.

Since then, Amazon has unveiled its own daily deal service called AmazonLocal. Spurned by Groupon, Google also has come out with its own service, known as Google Offers.

Previously on GeekWire: Here are the problems facing Groupon and Living Social: Scale, repeat customers and targeting

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