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Showing posts with label Yelp (YELP). Show all posts
Showing posts with label Yelp (YELP). Show all posts
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Monday, March 19, 2012
March IPO calendar : 8 IPOs were priced
March is poised to have its busiest month since 2007 as eight companies set terms this week. There are 13 deals on the IPO calendar for the next two weeks. If all are completed, March could have 19 IPOs, topping the 17 IPOs completed in March of 2007.
BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.
Regional Management Corp., which provides an array of loan products to customers with limited access to traditional lenders, announced terms for its IPO on Monday. The Greenville, SC-based company plans to raise $76 million by offering 4.2 million shares (33% insider) at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987 and booked $105 million in sales in 2011, plans to list on the NYSE under the symbol RM. Jefferies, Stephens, JMP Securities, and BMO Capital Markets are the lead underwriters on the deal.
Enphase Energy, which delivers a semiconductor-based system that increases solar energy production, announced terms for its IPO on Monday. The Petaluma, CA-based company plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy will command a fully diluted market value of $435 million. Since inception, Enphase has raised over $115 million in venture capital to help develop its unique, chip-based microinverter system, which includes a communications gateway and web-based software to monitor system performance. Backers include Third Point Ventures (the venture arm of Daniel Loeb's Third Point hedge fund), RockPort Capital, Madrone Partners (affiliated with the Walton family), Kleiner Perkins Caufield & Byers (KPCB), Applied Ventures and Bay Ventures, who will collectively own over 60% of the company following the IPO.
Enphase Energy, which was founded in 2006 by semiconductor and telecom equipment alums, booked $150 million in sales in 2011. The company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are joint-bookrunning managers on the deal. Jefferies, Lazard and ThinkEquity are serving as co-managers.
Vocera Communications, which provides mobile communication solutions for hospitals and health care facilities, announced terms for its IPO on Tuesday. The San Jose, CA-based company plans to raise $75 million by offering 5.8 million shares (13% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $320 million. Vocera Communications, which was founded in 2000 and booked $80 million in sales in 2011, plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.
CafePress, which operates an e-commerce site where customers create, buy and sell personalized products, announced terms for its IPO on Wednesday. The San Mateo, CA-based company plans to raise $77 million by offering 4.5 million shares (44% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $303 million. Venture capital firm Sequoia Capital is not selling and will own 17% of shares after the offering.
CafePress, which was founded in 1999 and booked $175 million in 2011 sales, plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies are the joint bookrunners on the deal.
Millennial Media, which operates the leading independent mobile advertising platform, announced terms for its IPO on Thursday. The Baltimore, MD-based company plans to raise $102 million by offering 10.2 million shares (10% insider) at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Venture backers include Bessemer Venture Partners (18% post-IPO stake), Columbia Capital (18%), Charles River Ventures (14%) and New Enterprise Associates (15%); none are selling on the IPO.
Millennial Media, which was founded in 2006, booked $104 million in sales last year, more than double the $47 million booked in 2010. The company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the bookrunners on the deal.
Luca Technologies, which uses biotechnology to create and sustainably produce natural gas, announced terms for its IPO on Thursday. The Golden, CO-based company plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Revenue in 2011 was $1 million, down 56% from 2010 and down 80% from 2008. Luca Technologies, which was founded in 2003, plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
Annie's, which is a leading organic food company that offers over 125 products, including a signature macaroni and cheese, announced terms for its IPO on Friday. The Berkeley, CA-based company plans to raise $75 million by offering 5 million shares (79% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989 and booked $135 million in sales in 2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
The 6 IPOs that have been priced this month are all trading above their offer prices. Demandware is the best performer of this group, closing up 48% in its first day of trading yesterday. Yelp trails closely, posting a 45% return since its March 2nd debut. The IPO market has shown strong returns so far this year. The FTSE Renaissance US IPO Index is up 19% year-to-date.
BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.
Regional Management Corp., which provides an array of loan products to customers with limited access to traditional lenders, announced terms for its IPO on Monday. The Greenville, SC-based company plans to raise $76 million by offering 4.2 million shares (33% insider) at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987 and booked $105 million in sales in 2011, plans to list on the NYSE under the symbol RM. Jefferies, Stephens, JMP Securities, and BMO Capital Markets are the lead underwriters on the deal.
Enphase Energy, which delivers a semiconductor-based system that increases solar energy production, announced terms for its IPO on Monday. The Petaluma, CA-based company plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy will command a fully diluted market value of $435 million. Since inception, Enphase has raised over $115 million in venture capital to help develop its unique, chip-based microinverter system, which includes a communications gateway and web-based software to monitor system performance. Backers include Third Point Ventures (the venture arm of Daniel Loeb's Third Point hedge fund), RockPort Capital, Madrone Partners (affiliated with the Walton family), Kleiner Perkins Caufield & Byers (KPCB), Applied Ventures and Bay Ventures, who will collectively own over 60% of the company following the IPO.
Enphase Energy, which was founded in 2006 by semiconductor and telecom equipment alums, booked $150 million in sales in 2011. The company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are joint-bookrunning managers on the deal. Jefferies, Lazard and ThinkEquity are serving as co-managers.
Vocera Communications, which provides mobile communication solutions for hospitals and health care facilities, announced terms for its IPO on Tuesday. The San Jose, CA-based company plans to raise $75 million by offering 5.8 million shares (13% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $320 million. Vocera Communications, which was founded in 2000 and booked $80 million in sales in 2011, plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.
CafePress, which operates an e-commerce site where customers create, buy and sell personalized products, announced terms for its IPO on Wednesday. The San Mateo, CA-based company plans to raise $77 million by offering 4.5 million shares (44% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $303 million. Venture capital firm Sequoia Capital is not selling and will own 17% of shares after the offering.
CafePress, which was founded in 1999 and booked $175 million in 2011 sales, plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies are the joint bookrunners on the deal.
Millennial Media, which operates the leading independent mobile advertising platform, announced terms for its IPO on Thursday. The Baltimore, MD-based company plans to raise $102 million by offering 10.2 million shares (10% insider) at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Venture backers include Bessemer Venture Partners (18% post-IPO stake), Columbia Capital (18%), Charles River Ventures (14%) and New Enterprise Associates (15%); none are selling on the IPO.
Millennial Media, which was founded in 2006, booked $104 million in sales last year, more than double the $47 million booked in 2010. The company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the bookrunners on the deal.
Luca Technologies, which uses biotechnology to create and sustainably produce natural gas, announced terms for its IPO on Thursday. The Golden, CO-based company plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Revenue in 2011 was $1 million, down 56% from 2010 and down 80% from 2008. Luca Technologies, which was founded in 2003, plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
Annie's, which is a leading organic food company that offers over 125 products, including a signature macaroni and cheese, announced terms for its IPO on Friday. The Berkeley, CA-based company plans to raise $75 million by offering 5 million shares (79% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989 and booked $135 million in sales in 2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
The 6 IPOs that have been priced this month are all trading above their offer prices. Demandware is the best performer of this group, closing up 48% in its first day of trading yesterday. Yelp trails closely, posting a 45% return since its March 2nd debut. The IPO market has shown strong returns so far this year. The FTSE Renaissance US IPO Index is up 19% year-to-date.
Monday, March 12, 2012
Friday, March 2, 2012
Yelp (YELP) started trading on the NYSE
Yelp prices IPO of 7.15 mln shares at $15 vs. the $12-14 expected range. A total of 7,100,000 shares are being offered by Yelp, and a total of 50,000 shares are being offered by a selling stockholder, The Yelp Foundation. In addition, the underwriters have an option to purchase up to an additional 1,072,500 shares from Yelp. Yelp will not receive any proceeds from the sale of shares by the selling stockholder.
CEO Jeremy Stoppelman, COO Geoff Donaker and CFO Rob Krolik for Yelp's IPO ring the opening bell at the New York Stock Exchange on March 2, 2012 in New York City.
CEO Jeremy Stoppelman, COO Geoff Donaker and CFO Rob Krolik for Yelp's IPO ring the opening bell at the New York Stock Exchange on March 2, 2012 in New York City.
Thursday, February 16, 2012
Yelp seeks to raise up to $100 mln in IPO
The local-business reviews site estimates it will offer 7.15 million shares at $12 to $14 each. The company has applied to the New York Stock Exchange to trade under the ticker "YELP."
Thursday, November 17, 2011
Yelp Files for IPO
Yelp, the popular local reviews service, has filed for a 2012 IPO that could raise approximately $100 million for the company.
Yelp has been preparing for its IPO for a while now, ever since it rejected a $500 million acquisition offer from Google in early 2010. The IPO could value the company north of $2 billion.
According to the company’s SEC filing, Yelp has more than 22 million reviews, 61 million monthly unique visitors and 529,000 business pages claimed.
Yelp earned approximately $12.1 million in revenue in 2008 and doubled to $25.8 million in 2009. In the first nine months of 2011, the company generated $58.4 million in revenue. However, the company is still not profitable. It lost $7.6 million in the first nine months of 2011, a bit less than the $8.5 million it lost during the first nine months of 2010.
Most of Yelp’s income comes from local advertising, followed by brand advertsiing and “other services” such as Yelp Deals, partnerships and remnant advertising inventory. In the first nine months of 2011, Yelp generated $40.3 million in local advertising revenues, $12.7 million in brand advertising and $5.4 million from other services.
Yelp’s largest owners are Bessemer Venture Partners, which owns 22.5% of the company, and Elevant Partners, which owns 22.4%. Benchmark Capital owns 16.2% of the company. Max Levchin, the first investor in Yelp, a board member of the company and co-founder of PayPal and Slide, owns 13.8%. Co-founder and CEO Jeremy Stoppelman owns 11.1% of Yelp’s outstanding shares.
Tuesday, November 8, 2011
Yelp planning a $2 billion IPO in 2012
The San Francisco-based company hasn’t decided how many shares to offer, said the people, who declined to be identified because the plans haven’t been formalized. The Wall Street Journal reported Yelp’s IPO plans earlier today and said the offering may value the company at as much as $2 billion.
Yelp is scaling back a foray into the daily-deal business, differentiating itself from top website Groupon Inc. as the market becomes inundated. Yelp planned to cut its sales staff dedicated to Yelp Deals by half, moving about 15 salespeople to other areas of the business, Vince Sollitto, vice president of corporate communications, said in an August interview. The number of deals e-mailed to users is unlikely to grow, he said.
Groupon raised $700 million last week in an initial public offering, becoming the biggest IPO by a U.S. Internet company since Google Inc.’s offering in 2004.
Stephanie Ichinose, a spokeswoman for Yelp, declined to comment on the company’s IPO plans. Andrea Rachman, a spokeswoman for Goldman Sachs, and Mark Costiglio, a spokesman for Citigroup, also declined to comment.
Yelp’s IPO would help lift returns at Elevation Partners, the private-equity firm whose investment team includes Roger McNamee and U2 singer Bono. The Menlo Park, California-based firm bought a 20 percent stake in Yelp last year for $100 million. A $2 billion valuation for the company would make Elevation’s stake worth $400 million.
Elevation is also an investor in Facebook Inc. The $270 million the firm has invested in the social-networking company is now worth about $1.2 billion. It is also an investor in online real estate company Move Inc. and was an investor in Palm Inc., before the handset maker was bought last year by Hewlett- Packard Co. In July, Yelp hired Rob Krolik from Move as chief financial officer.
Yelp was cofounded in 2004 by former PayPal Vice President of Engineering Jeremy Stoppelman, who is still CEO of the business. The website accepts a wide range of user reviews -- from restaurants to transit agencies to media organizations -- that are categorized by topic and location.
In late April, the company confirmed that it was exploring a public offering but had not yet begun any formal processes, such as hiring banks. In 2010, Elevation Partners invested $100 million in Yelp, which valued the company at $475 million, according to reports filed at the time.
Tuesday, June 7, 2011
Yelp Insiders Chomping At The Bit Amid IPO Frenzy
It hasn't hired a bank to underwite the offering yet, and it's books aren't in the kind of tidy shape they need to be to file an S-1 with the SEC, according to a source familiar with Yelp's progress.
"I wish we were ready," says this source.
Yelp is actively looking for a chief financial officer with public company experience, AllThingsD's Tricia Duryee reported last month.
Yelp has about 50 million people looking at its 17 million reviews each month, according to TechCrunch. People say revenues will reach $100 million this year.
After a LinkedIn IPO that went much better than most everybody expec, much of the valley is suddenly in a fever to go public.
"Everyone's rushing," says a board member at a super hot startup you've heard of.
"But it's not all up to them. SEC, due diligence, etc…a lot of stuff needs to happen."
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