Aggressive IPO stance by Yelp
Yelp Inc. priced its initial public offering of Class A common stock at $15 a share, above the expected price range, valuing the U.S. consumer review website at nearly $900 million, Reuters reported.
Today’s offering could raise as much as $123 million before expenses for the company, which offers online reviews of local businesses and services. Yelp shares will begin trading today on the New York Stock Exchange under the symbol YELP.
Earlier this month, Yelp had said it would sell 7.1 million of the 7.15 million shares in the offering at between $12 and $14 a share.
The company, founded by former PayPal engineers Jeremy Stoppelman and Russel Simmons as a start-up idea in a business incubator in 2004, was active in 46 markets in the United States and 25 international markets as of the end of 2011.