Yelp (YELP) IPO Surges Higher
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The IPO for Yelp Inc. (NYSE: YELP) is open for trading. Shares opened at $22 after pricing 7,150,000 shares at $15 per share, above the expected $12-$14 range.
59,873,181 shares are expected to be outstanding following the offering. Based on the current $24 price, the market cap is approximately $1.44 billion.
Goldman, Sachs & Co. is the lead bookrunning manager and representative of the underwriters for the offering. Citigroup Global Markets Inc. and Jefferies & Company, Inc. are joint bookrunning managers, and Allen & Company LLC and Oppenheimer & Co. Inc. are co-managers for the offering.
In the first nine months of 2011, the company generated $58.4 million in net revenue, representing 80% growth over the first nine months of 2010. In this same period last year, they generated a net loss of $7.6 million and an adjusted EBITDA loss of $1.1 million.
Yelp is a company that connects people with local businesses.
59,873,181 shares are expected to be outstanding following the offering. Based on the current $24 price, the market cap is approximately $1.44 billion.
Goldman, Sachs & Co. is the lead bookrunning manager and representative of the underwriters for the offering. Citigroup Global Markets Inc. and Jefferies & Company, Inc. are joint bookrunning managers, and Allen & Company LLC and Oppenheimer & Co. Inc. are co-managers for the offering.
In the first nine months of 2011, the company generated $58.4 million in net revenue, representing 80% growth over the first nine months of 2010. In this same period last year, they generated a net loss of $7.6 million and an adjusted EBITDA loss of $1.1 million.
Yelp is a company that connects people with local businesses.
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