Yelp! Inc. has just filed for its initial public offering. The initial paperwork lists no terms but the preliminary amount is for up to $100 million. While the YELP ticker has been taken, it did not specify a listing on NYSE or NASDAQ.
The book runners are Goldman Sachs, Citigroup, and Jefferies; co-managers are Allen & Company and Oppenheimer.
Yelp “connects people with great local businesses”… featuring over 22 million reviews of almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics, plumbers and more:
- 22 million reviews on our platform as of September 30, 2011, up 66% from the prior year
- 61 million unique visitors on a monthly average basis for the quarter ended September 30, 2011, up 63%
- recognized revenue from approximately 19,000 active local business accounts for the quarter ended September 30, 2011, up 75%
In the first nine months of 2011, Yelp! generated $58.4 million in net revenue, up 80% from a year earlier. Its net loss during that period was $7.6 million with an adjusted EBITDA loss of $1.1 million.
JON C. OGG