By Leena Rao
Wow. Reviews site Yelp just saw a huge pop in early trading of its stock on the New York Stock Exchange this morning. Yelp opened at $22 per share, after pricing at $15 last night. Shares, which are listed under the symbol YELP, are trading up 60 percent from last night’s pricing, putting Yelp’s valuation at over $1.3 billion
Yelp offered 7.15 million shares, aiming to raise about $107.25 million. As heard yesterday, the deal is said to be heavily over subscribed. Yelp’s total revenues in 2011 were $83.2 million, up 74.6 percent from $47.7 million in 2010 (and 25.8 million in 2009), but net losses were up to $16.9 million in 2011 — a 74.2 percent increase from a net loss of $9.5 million in 2010. (Adjusted EBITDA losses were $1.1 million).
In 2011, Yelp, which was founded by Jeremy Stoppelman, saw 65.7 million unique monthly visitors for the year (with 5.7 million uniques on mobile), up from 39.3 million in 2010. Yelp users left 24.8 million reviews in 2011, up from 15.1 million in 2010.
We’ll update this post on where shares close.