Thursday, November 17, 2011

Yelp Files For IPO

San Francisco-based Yelp, the online restaurant reviews and guide site, has filed for an IPO. Yelp said it is looking to raise up to $100M in its IPO, under the symbol YELP. The firm has not yet selected an exchange. The firm's IPO is being underwritten by Goldman, Sachs & Co., Citigroup, Jeffries, Allen & Company, and Oppenheimer & Co. The firm is venture backed by Bessemer Venture Capital (22.5% of the firm), Elevation Partners (22.4%), Benchmark Capital (16.2%), and Max Levchin (13.8%), among others. Yelp reported a net loss of $9.5M on revenues of $47.7M for 2010; the firm's nine month less was $7.6M on $58.38M for the nine month ended September 30th, 2011.