NEW YORK (AP) — Online reviews company Yelp is expected to price its initial public offering of stock as early as Thursday evening. The company said last month that it expects its stock to price between $12 and $14 per share.
At the high end of the range, Yelp’s offering could raise as much as $115 million before expenses. If the stock prices at $14, Yelp will be worth $778 million.
That’s a lot for a company that’s been unprofitable since its 2004 founding. Rick Summer, an analyst at Morningstar, says Yelp is at “the head of the pack” of review sites. But he’s concerned that businesses may not see enough value in its advertising platform to justify the IPO’s price.