Yelp Files For $100 Million IPO
Yelp is a local business review website that has filed for a $100 million IPO. Goldman Sachs, Citigroup, and Jefferies are working as the lead underwriters. However the San Francisco based company has not selected an exchange to be traded on. Yelp is using multiple classes of shares for the public offering.
It is believed that Yelp will seek a valuation of between $1 and $2 billion. Like Groupon, the daily deals website that recently went public, Yelp turned down an acquisition offer from Google. Yelp turned down a $500 million offer from Google in 2009.
Yelp reported a $7.6 million net loss for the first 9 months of 2011 on about $58 million in revenue. Yelp also reported an $8.5 million loss on $32 million in revenue during the year earlier.
Yelp raised $56 million in venture capital funding from Bessemer Venture Partners, Elevation Partners, Benchmark Capital, and Max Levchin. Yelp founder and CEO Jeremy Stoppelman owns 11.1% of the company.
[Fortune]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry