Yelp’s stock is soaring in its stock market debut Friday. The shares are up 61 percent to $24.15 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 estimates. It values Yelp at $900 million.
That’s a lot for a company that hasn’t turned a profit since its 2004 founding.