Yelp Inc., the user-generated review website, announced the pricing of its initial public offering of 7.15 million shares of Class A common stock at $15.00 per share, above its expected range.
Out of which, 7.1 million shares are being offered by Yelp, and a total of 50,000 shares are being offered by a selling stockholder, The Yelp Foundation.
Yelp had estimated pricing IPO of 7.15 million Class A common shares within a range of $12 to $14.
The California based company shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "YELP" on March 2, 2012.
In addition, the underwriters have an option to purchase up to an additional 1.07 million shares from Yelp.
Yelp said that it will not receive any proceeds from the sale of shares by the selling stockholder.
Goldman, Sachs & Co. is the lead bookrunning manager and representative of the underwriters for the offering.
Citigroup Global Markets Inc. and Jefferies & Company, Inc. are joint bookrunning managers, and Allen & Company LLC and Oppenheimer & Co. Inc. are co-managers for the offering.
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by RTT Staff Writer
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