(NEW YORK) -- In one of the most highly anticipated IPOs of the year, shares of the unprofitable online local business rating and directory service Yelp soared Friday.
After Jeremy Stoppelman, co-founder and CEO of Yelp, rung the opening bell at the New York Stock Exchange Friday morning, he made the first trade for his company according to tradition at the exchange. Investors crowded around the floor, watching Stoppelman begin arguably the hottest tech IPO this year after Facebook.
The online review site priced its IPO at $15 a share, above its expected range, Thursday night. The tech company, based in San Francisco, raised $107.25 million, valuing it at $898.1 million.
By 10:50 a.m., the shares had surged to $24.15, or 61 percent, on the New York Stock Exchange. This comes even though competition in the local ad and listings market is fierce and Yelp hasn't had a profit since at least 2007.
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