Review site Yelp IPO does well on first day of trading
With the initial public offering starting off at $15, this tech company has done better than others recently. Yelp closed its first day of trading almost $10 higher at $24.58. It seems Yelp was well reviewed. Investors seem to like that the company has a lot of potential for growth with adding more markets and further maturing its revenue stream with greater monetization through ads directly with local businesses.
Yelp, the global online business review site, opened for trading today on the New York Stock Exchange (NYSE) under the ticker symbol “YELP” after its initial public offering in which it raised $107.25 million in gross proceeds. CEO Jeremy Stoppelman, joined by members of Yelp’s management team and employees from their New York office, celebrated the company’s first day of trading on the NYSE by ringing The Opening Bell.
“We’re thrilled to welcome Yelp to our growing community of innovative technology companies,” said Scott R. Cutler, EVP and Co-Head of U.S. Listings and Cash Equities, NYSE Euronext. “Yelp is a popular destination for consumers around the globe, providing a dynamic user-generated online platform to review local businesses. We congratulate Yelp on its IPO and look forward to a long-standing partnership with the company and its shareholders.”
“Over the past seven years our team has worked tirelessly to improve the Yelp experience for consumers and local businesses, and as a result there are countless numbers of people who have benefitted from that hard work and the power of Yelp communities all over the world. Today is a time to pause briefly to reflect on how far we’ve all come and to celebrate the fact that Yelp has become a trusted source to connect with great local businesses,” said Jeremy Stoppelman, CEO and Co-founder, Yelp. “Our transition to the public markets is just the beginning of a new and very exciting chapter for Yelp. We are excited and proud to make Yelp available on the New York Stock Exchange and it’s great to know that their legacy and platform is something we can rely on as we continue to grow our business.”