Social reviews website Yelp was up more than 60 percent on its first day of trading Friday on the New York Stock Exchange. The 7-year-old company priced its initial public offering late Thursday at $15 a share at a nearly $900 million valuation – almost 11 times its revenue for 2011. Yelp’s valuation exceeded Wall Street expectations since it has yet to turn a profit, MSNBC reported. The company said in its IPO registration document that it does not “expect to be profitable in the near term as we continue to invest in our future growth.” Two years ago the company rejected a $550 million bid from Google and a $1 billion overture by Yahoo.
