Yelp Soars 73% During IPO Debut
The stock price of user reviews website Yelp.com has soared 73% in their first day of trading after they started selling shares for more than planned in an IPO. Yelp raised $107.3 million in the IPO and they priced the shares at $15 each. At the time of writing this article, Yelp’s shares are trading at $24.59. Yelp is trading on the New York Stock Exchange under the symbol “YELP.”
Yelp had offered 7.15 million shares, aiming to raise $107.25 million. The deal is believed to be heavily subscribed. Yelp’s revenues in 2011 was $83.2 million, which is up 74.6% from $47.7 million in 2010.
In 2011, Yelp hit 65.7 million monthly unique visitors for the year, which is up from 39.3 million in 2010. Yelp users left 24.8 million reviews in 2011, which is up from 15.1 million in 2010.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry