Yelp Inc., a San Francisco, CA-based website that connects people with local businesses, announced the pricing of its initial public offering of a total of 7,150,000 shares of Class A common stock at a price to the public of $15.00 per share.
The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “YELP” on Friday, March 2, 2012.
According to a written statement, 50,000 shares are being offered by The Yelp Foundation. The underwriters have an option to purchase up to an additional 1,072,500 shares from Yelp.
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.
Founded in San Francisco in 2004 and led by co-founder and CEO Jeremy Stoppelman, Yelp allows people find events, lists and to talk with other users, called “Yelpers”. The company makes money by selling ads to local businesses. Since the launch, it has expanded into major metros across the US, Canada, UK, Ireland, France, Germany, Austria, The Netherlands, Spain, Italy, Switzerland, Belgium and Australia. The website had a monthly average of 66 million unique visitors in the fourth quarter of 2011. It currently contains over 25 million local reviews.
Every business owner (or manager) can setup a free account to post photos and message her customers
You can access Yelp via iPhone, Android, BlackBerry, and more – see the full list of mobile apps here.