Yelp to Float New Stock Issue
Customer reviews for a fresh share issue being floated by Yelp are sure to be lively. The company announced that it will offer roughly $250 million worth of its Class A common shares in an underwritten public flotation. Additionally, it will grant the offering's underwriters a purchase option for up to an additional $37.5 million worth of stock.
Yelp said it plans to use its share of the proceeds of the issue for working capital and for "general corporate purposes." These include sales and marketing efforts, "general and administrative matters," and capital expenditures. The online listings purveyor might also utilize some of the monies for acquisitions and investments.
The bookrunning managers for the issue are Goldman Sachs, Citigroup's Global Markets division, and Leucadia's Jefferies.
At the moment, Yelp has a little more than 65.2 million Class A shares outstanding, and that stock most recently closed at $68.83 per share.
The article Yelp to Float New Stock Issue originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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