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An OpenTable on Wall Street? Startup files for IPO
Jan 31, 2009 (San Jose Mercury News - McClatchy-Tribune Information Services via COMTEX) --
Bucking the recession and broadly dour outlook, the online restaurant reservation service OpenTable made the surprising announcement Friday that it intends to test Wall Street with an initial public offering.
OpenTable, founded in 1998 and based in San Francisco, is the first Bay Area company and only the third nationwide to register for an IPO this year. If it goes through with an IPO -- and many companies that file don't -- it would be the first Bay Area tech company to do so since ArcSight last spring.
Working with more than 10,000 restaurants, OpenTable has established itself as a popular service for making online reservations, often with mobile devices. It earns a fee for reservations made on its Web site and on restaurant sites that use its technology.
In a filing with the Securities and Exchange Commission, it reported $9.2 million net income on revenues of $41.1 million in 2007. In the first nine months of 2008, it surpassed total 2007 revenues, but reported a loss of $149,000 for the period.
The number of shares and the price range for the IPO have yet to be determined. But based on the filing with the SEC, the company estimates it will raise $40 million.
OpenTable, led since 2007 by former PayPal executive Jeff Jordan, is backed by Benchmark Capital, Impact Venture Partners and Integral Capital Partners.
Contact Scott Duke Harris at sdharris@mercurynews.com
or (408) 920-2704.
To see more of the San Jose Mercury News, or to subscribe to the newspaper, go
to http://www.mercurynews.com. Copyright (c) 2009, San Jose Mercury News, Calif.
Distributed by McClatchy-Tribune Information Services. For reprints, email
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