Local recommendation site Yelp has finally filed an S-1 to IPO, wanting to raise $100 million. While there is no price per share or valuation designated on the form, reports have held the desired valuation at between $1 billion to $2 billion.
The site generated $58.4 million net revenue in the first nine months of 2011, 80% growth over the same period in 2010. It operated at a net loss however, of $7.6 million. Revenues have grown pretty fast, from $12.1 million in 2008 to $47.7 million in 2010 but as you’ll probably get sick of hearing over the next couple of weeks, it is still not profitable.
The Yelp S-1 boasts 22 million Yelp reviews, up 66% from the prior year, and 529,000 locations represented on the site — up 114% from 2010.
Founded in 2004, Yelp has $56 million in funding from Max Levchin, Bessemer Venture Partners, Benchmark Capital, DAG Ventures and Elevation Partners. The IPO, which will be underwritten by Goldman Sachs, Citigroup and Jefferies, has been long in co-founder Jeremy Stoppelman’s sights — at least since Yelp walked away from a $550 million Google deal in 2009.
Another company founded in 2004 by two former PayPal employees. Yelp is a local reviews website covering the United States, Canada, the UK, Ireland, France, Germany, Austria, the Netherlands and Spain; Yelp drew an audience of more than 50 million unique visitors in March 2011. Yelpers have written more than 18 million local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists.
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