Friday, March 02, 2012
Yelp's initial public offering opened 47% higher than its price.
The company's stock opened at $22.01 a share on the New York Stock Exchange, up 47% from its IPO price of $15, and was changing hands recently at $24.40, up 62.7%. It sold 7.15 million shares at a price above its expected $12 to $14 range.
It's the fourth company out of a total of 22 deals this year to actually price above range, and if it hangs on to its current gains, it will have the third-best debut so far in 2012, behind Proto Labs Inc.'s (PRLB) 81% pop last week and Caesars Entertainment Corp.'s (CZR) 71% rise earlier in the month.
Read more at The Wall Street Journal.