Yelp’s stock opened to five-star reviews from investors Friday, soaring 65 percent to $24.77 in the first minutes of trading after pricing at $15 on Thursday night.
The online reviews site’s initial public offering priced above its targeted range of $12 to $14 per share. That already suggested strong investor demand for a slice of the 8-year-old online reviews site, which has yet to turn a profit.
The offering nets Yelp about $96 million after expenses, the company estimated. Yelp is sold 7.1 million shares and its charitable foundation another 50,000.
Investment bankers also have an option sell an additional 1.07 million shares, depending on investor demand. If those shares are sold, Yelp expects net proceeds of $111.2 million.
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