Yelp, which operates a website that features more than 22 million reviews of local businesses, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The $100 million deal size is a placeholder; the amount the company hopes to raise will likely be higher. The San Francisco, CA-based company is rumored to be seeking a valuation of up to $2 billion. Yelp, which is unprofitable, booked $74 million in sales for the 12 months ended September 30, 2011. The company plans to list under the symbol YELP, but has yet to determine an exchange. Goldman, Sachs & Co., Citi, and Jefferies & Co. are the lead underwriters on the deal. No pricing terms were disclosed.
Yelp's announcement comes on the heels of rival Angie's List's (ANGI) debut on the NASDAQ today. Angie's List, which offers independent reviews of local service providers via its subscription-based web platform, priced its IPO at $13, at the high end of its proposed range, and is currently trading 26% above its offer price.
