Yelp to file for IPO
Local Recommendations website Yelp is looking to file for Initial Public Offering (IPO) so it can raise $100 million USD.
No price per share has been determined yet, but the company is expected to have a valuation of around $1-$2 billion USD.
Google offered Yelp $500 million for the site last year, which Yelp declined.
Despite revenues of around $58 million in the first 9 months of 2011, the company is still not making a profit. But with this $100 million it hopes to raise should give the site enough time to build further and into profitability.
The site is particularly popular in San Francisco, but does also have international operations – however not in Australia yet!