Yelp sets price, but will it be profitable?

Online review website Yelp set the price range for its initial public offering today, which may signal that it's close to completing its IPO, The Associated Press reports.

Yelp, which filed its S-1 documents three months ago, plans to sell at $12 to $14 per share with the potential to raise as much as $115 million, before expenses.

The New York Times adds that at the midpoint price range, Yelp would be valued at around $778 million, or as high as $840 million.

While this pales in comparison to another hotly anticipated upcoming internet IPO receiving technology consulting - Facebook, valued between $75 billion and $100 billion - it has still shown strong revenue growth and is poised to be profitable.

The AP notes that Yelp gained $83.3 million in revenue during 2011 - a 75 percent increase from 2010. However, it still faces substantial net losses - $16.9 million to be exact - a 74 percent increase from a year ago. Yelp has reported annual losses every year since being founded in 2004.

One of Yelp's biggest competitors - Angie's List - has seen its stock rise 19 percent since it went public in November, which may bode well for Yelp's prospects. Its price per share has grown from $13 at opening to $15.41 as of this week. Its market value is $757 million.

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