Started eight years ago in San Francisco, consumer-generated review site Yelp pushed its initial public offering live -- and priced a little higher than expected Friday. The company began trading Friday with the stock symbol of YELP.
At $15 a share, the IPO consisted of 7.1 million shares, 50,000 offered by the Yelp Foundation, and an additional 1.07 million shares were available for purchase by key underwriter, Goldman, Sachs & Co., according to The Tech Chronicles.
Shares were expected to be priced between $12 and $14. The Gate also reports Yelp averaged 66 million unique visitors in the last quarter of 2011.
Yelp closed the day at a price of $24.58 a share and a valuation of $1.47 billion -- for a company that has yet to turn a profit.