It hasn't hired a bank to underwite the offering yet, and it's books aren't in the kind of tidy shape they need to be to file an S-1 with the SEC, according to a source familiar with Yelp's progress.
"I wish we were ready," says this source.
Yelp is actively looking for a chief financial officer with public company experience, AllThingsD's Tricia Duryee reported last month.
Yelp has about 50 million people looking at its 17 million reviews each month, according to TechCrunch. People say revenues will reach $100 million this year.
After a LinkedIn IPO that went much better than most everybody expec, much of the valley is suddenly in a fever to go public.
"Everyone's rushing," says a board member at a super hot startup you've heard of.
"But it's not all up to them. SEC, due diligence, etc…a lot of stuff needs to happen."
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