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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