IPO FILING: OpenTable

It has been some time since the IPO market has been open, but we still see some filings from companies which have the desire to come public such as OpenTable, Inc. 

The company plans to list on NASDAQ and no ticker has been designated.No terms were offered, but the offering for filing purposes is up to$40 million in common stock.  These shares apparently are beingsold by the company and some existing shareholders.

The company is an online network for people to make restaurant reservations.  It offers anelectronic reservation book, integrated software and hardware and otherservices to the restaurants.  It also enables diners to book tables  in real time.

Restaurants pay a one-time installation fee, monthly subscription fees,and a "per guest booked" fee; the service is free for diners.

This was initially targeted at Chicago, New York, San Francisco andWashington, D.C., but has been expanding to other major markets.  As ofDecember 31, 2008, its network included approximately 10,000 restaurantcustomers spread over all 50 states and some select internationalmarkets.  During the nine months ended September 30, 2008, the companyclaims to have seated an average of approximately 2.8 million dinersper month.

Revenue for the twelve months ended December 31, 2007 were $41.1million, and for the 9-month period ended September 30, 2008 itsrevenues are listed as $41.3 million.

The underwriters for the offering are listed as Merrill Lynch, Allen & Company, Stifel Nicolaus, and ThinkEquity.

Jon C. Ogg
January 30, 2009