OpenTable Planning IPO For May 20

OpenTable Inc. is an online reservation system that can be used for over 10,000 restaurants in the U.S.  The company is planning to have an IPO on May 20.  The IPO will be underwritten by Merrill Lync & Co.  The company plans to sell 3 million shares at a price of between $12 and $14.  This should give them a net infusion of about $16.1 million.

Forty eight percent of the shares are going to be sold to existing shareholders.  In 2007, OpenTable made about $41.1 million revenues.  Last year the company made $55.8 million.  The company will be trading on The Nasdaq Global Market with the symbol “OPEN.”

[via III/Reuters]

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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