Restaurant Reservation Service OpenTable Sets IPO Terms

Authored by Mark Hefflinger on May 7, 2009 - 9:52am.

San Francisco - After announcing plans for an initial public offering in January, San Francisco-based OpenTable has moved one step closer by setting the terms of the IPO.

The company, which provides online reservation services for diners as well as guest and table management systems for restaurants, now says that it plans to sell 3 million shares for $12-$14 each, raising as much as $48.3 million, including over-allotments.

Nearly half of the shares are being sold by current stockholders.

OpenTable, which plans to list its stock on the Nasdaq under the symbol "OPEN," operates a network that includes approximately 10,000 restaurant.

Since its inception in 1998, the company has taken reservations for about 90 million diners.

Related Links:
http://snipurl.com/hkk68 (SEC filing)

http://www.opentable.com