Deals
Yelp Surges in Debut After IPO Raises More Than Forecast
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Yelp Inc., the site that lets users review businesses ranging from diners to dentists, surged 64 percent in its first day of trading after selling shares for more than planned in an initial public offering.
The stock climbed to $24.58 today in New York, giving Yelp a market valuation of $1.47 billion. That price is about 18 times Yelp’s annual revenue. The San Francisco-based company raised $107.3 million in the IPO, pricing the shares at $15 each, according to a statement yesterday.