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Yelp shares surge in stock market debut
Reviews site Yelp's stock soars in stock market debut
By The Associated Press

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.


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