OpenTable is an online reservation system for restaurants that started eleven years ago. Thus far about 90 million table reservations have been made on OpenTable. They have filed an S-1 with the SEC indicating that they are ready to go IPO. OpenTable is hoping to raise $40 million from the IPO and wants their stock to be listed under the NASDAQ. Merrill Lynch is bookrunning the deal.
The company has made $41.3 million in revenues based on the first 9 months of 2008. This is a 41% increase from the year before. Revenue is generated by restaurants that pay subscription fees (54%) and reservation fees (42%) that show up through the system. Installation fees generate 4% of OpenTable’s revenues.
Through the IPO, OpenTable is hoping to raise an additional $40 million. Between 1999 and 2000, OpenTable raised about $48 million in VC funding. Fortunately former eBay executive Jeff Jordan was able to street the company through the bubble and make it as far as IPO. When a web 1.0 company makes it this far, you just have to commend it.