NEW YORK ( TheStreet) -- Local reviews site Yelp on Thursday filed for an initial public offering, hoping to raise $100 million.
Yelp, which is not profitable, generated $58.4 million in net revenue for the first nine months of 2011, up 80% from the same period last year. Revenue grew to $48 million in 2011, up from $26 million from the year prior.
The company is likely trying to capitalize on strong demand for Internet offerings in the last few months. Deals site Groupon (GRPN) saw its stock surge 40% on its first day of trading earlier this month, as did fellow review site Angie's List (ANGI) during its Nasdaq debut on Thursday.
Around 61 million unique visitors use the Yelp Web site and its mobile application is used on more than 5 million unique devices.Yelp is looking to trade under the ticker "YELP" though it didn't specify an exchange on its S-1. -- Written by Olivia Oran in New York
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