SAN FRANCISCO (UPI) — Rating and review Web site Yelp of San Francisco charged out of the gate in its initial public offering Friday, stock data shows.
Yelp priced itself at $15 per share, but the price almost doubled in morning trading to $24.50 per share.
That put the company at a value of $1.46 billion, CNNMoney reported.
The IPO for the popular review Web site that has 66 million unique visitors per month is sure to be dwarfed by Facebook, which filed for an initial public offering in February.
Co-founder and Chief Executive Officer Jeremy Stoppelman said the IPO was “a single, but important step in the long life of our company.”
The company is not yet eight years old and is thriving in one of the most volatile environments in the history of publicly traded stock: the Internet.
To date, Yelp has not made a profit, CNNMoney said. Its primary revenue source is advertising, but it recently started a coupon business called Yelp Deals “that’s really working for us,” Stoppelman said.
In 2011, Yelp lost $16.7 million with revenue of $83.3 million. A year earlier, the company lost $9.6 million with sales revenue at $47.4 million.