Online review site Yelp planning IPO: WSJ

Yelp is moving ahead with an initial public offering that would value the website at $2 billion
Yelp is moving ahead with an initial public offering that would value the website which posts user reviews of businesses and services at $2 billion, The Wall Street Journal reported on Tuesday.

Yelp is moving ahead with an initial public offering that would value the website which posts user reviews of businesses and services at $2 billion, The Wall Street Journal reported on Tuesday.

The newspaper, citing people familiar with the plans, said Yelp, which has its headquarters in San Francisco and was founded in 2004, has picked and Citigroup to lead its IPO.

Online discount deals site Groupon went public last week, raising $700 million in the biggest by an Internet company since .

Groupon shares were listed on the Nasdaq market at $20 on Friday and closed at $24.90 on Tuesday.

Groupon's stock market debut was closely watched by investors hungry for technology stocks and market analysts on the lookout for signs of another dot-com bubble.

There have been several IPOs by Internet firms this year, but the most eagerly awaited are social games giant Zynga, which has already filed its papers for an IPO, and , which has not revealed its plans.

Career-oriented social network LinkedIn went public in May at $45 a share and closed at $78.70 on Tuesday.

More than 22 million reviews of businesses and services have been written on Yelp, according to the site.


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(c) 2011 AFP

Citation: Online review site Yelp planning IPO: WSJ (2011, November 8) retrieved 5 August 2020 from https://phys.org/news/2011-11-online-site-yelp-ipo-wsj.html
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