Yelp Sets Share Price For March IPO
In November we reported that Yelp had filed for its IPO. The original filing stated that Yelp intended to raise $100 million. Yesterday Yelp filed paperwork with the SEC to set its share rpice and the date of its IPO.
According to the new filing, Yelp is set to go public on March 2, and will trade with the stock symbol YELP. Initial share prices will be $12-14 per share. The company intends to sell 7.15 million shares, raising $100 million.
Yelp provides local search and review services via their website, yelp.com, and apps for a variety of mobile devices – Android, iOS, BlackBerry, Windows Phone, and WebOS. The service allows users to find a variety of local businesses, check reviews and ratings, see business hours, and more. It also provides navigation assistance to help users find where they’re going.
Yelp has come a long way since late 2009, when it was in negotiations for a buyout by Google. Yelp has millions of visitors every month and generated nearly $60 billion in revenue in the first nine months of 2011. The vast majority of its revenue comes from advertising. The IPO filing suggests a valuation of $839 million for the company.