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Investing

OpenTable Sets IPO Terms (OPEN)

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By Douglas A. McIntyre Updated Published
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OpenTable, Inc. has set its initial public offering terms.  When this one filed to come public, there were some who thought it might not make it to market.  If today’s amended filing is any evidence, it looks like the skeptics are going to be wrong.  OpenTable’s filing shows a sale of 3,000,000 shares at an indicated price range of $12.00 to $14.00 per share.  It has the proposed ticker of “OPEN” on NASDAQ.

The company is offering 1,572,684 shares of the common stock, and selling stockholders are offering 1,427,316 shares.

The underwriters are listed as Merrill Lynch, Allen & Company, Stifel Nicolaus, and ThinkEquity.  The underwriters will also have the traditional 15% option for an overallotment.  That would make a 3.45 million share IPO in total if exercised.

The company provides solutions that form an online network connecting reservation-taking restaurants and restaurant diners.

For the twelve months ended December 31, 2007 and 2008, its revenue was $41.1 million and $55.8 million, respectively.

For the twelve months ended December 31, 2007 and 2008, its subscription revenues accounted for 55% and 54% of total revenue respectively.

For the twelve months ended December 31, 2007 and 2008, the company’s reservation revenues accounted for 41% and 41% of total revenue, respectively.

For the three months ended March 31, 2008 and 2009, its subscription revenues accounted for 52% and 52% of total revenue, respectively; and its reservation revenues accounted for 44% and 43% of total revenue, respectively.

Jon C. Ogg

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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