Yelp Files For IPO To Raise $100 Million

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 LevchinBessemer Venture PartnersBenchmark CapitalDAG 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.