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Yelp hires Goldman Sachs and Citigroup to lead IPO

November 8, 2011 | 12:56 pm


Online review site Yelp Inc. is moving closer to an initial public offering, hiring Goldman Sachs Group Inc. and Citigroup Inc. of head up the effort, according to reports Tuesday.

The San Francisco service would follow the path of Groupon Inc., which raised more than $700 million in its offering last week, according to people briefed on the situation and quoted by the New York Times.

Yelp launched in 2004 and had 63 million visitors in August reading more than 22 million local reviews. The company makes money by selling ads to neighborhood businesses.


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-- Tiffany Hsu

Photo: Kathy Willens / Associated Press