Here are some details on the company per Dealbook:
- The reviews site is on track for a $100 million initial public offering, based on a figure used to calculate the registration fee. Yelp, which plans to trade under the appropriate ticker “YELP,” has hired Goldman Sachs to be its lead underwriter and Citigroup and Jefferies & Company to be joint bookrunners.
- Founded in 2004, the company has a large database of user-generated reviews for local businesses like restaurants and hair salons. It is part of a rising class of Internet start-ups, like Groupon and Angie’s List, that helps customers discover local vendors through the Web and mobile applications.
- So far, investors have embraced such start-ups. Earlier this month, shares of Groupon rose 31 percent on their first day of trading. Angie’s List, which went public on Thursday, soared 39 percent at the start of trading.
- Like its peers, Yelp has increased its user base sharply over the last year. According to the filing, Yelp now has 22 million reviews on its site, a 66 percent jump from the previous year. It also recorded a monthly average of 61 million unique visitors for the third quarter, a 63 percent surge from the year-ago period.
- Yelp, which makes the bulk of its revenue from advertising contracts with local businesses, is not yet profitable. Though revenue rose 79.9 percent, to $58.4 million for the first nine months of this year, the company recorded a loss of $7.4 million.
- Yelp also warned investors that it expected revenue growth rate to slow, as the business matures and the company spends more money on corporate expenses, like marketing and international expansion.
- According to the filing, Yelp’s venture capital investors own the largest slices of the company. While Jeremy Stoppelman, Yelp’s co-founder and chief executive, owns 11 percent of the company, Bessemer Venture Partner and Elevation Partners own about 22 percent each.
Here is the full SEC filing.