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OpenTable Files to Go Public With IPO
Online restaurant-reservation service OpenTable has filed with the SEC to go public today. DealBook notes that OpenTable is looking to raise $40 million and wants to be listed on the NASDAQ. The sole bookrunning manager of the offering will be Merrill Lynch & Co. OpenTable launched in 1998 and the company claims they have filled over 90 million table reservations.
If you like looking through financial statements (I do), check out the full prospectus on the SEC website. Even if you don’t enjoy looking at the charts, you should still peruse the text of the document. It provides a good overview of what OpenTable is, how they generate income and where they spend. They also discuss the risks associated with the business and they speak openly about their growth rate over the past few years.
Congrats to OpenTable. I use their service all the time and it really saves me a lot of hassle from having to find the restaurant’s number, call, possibly wait and then figure out with hostess their available slots while matching that with my party’s. It’s also the only way you can reserve some of the most popular venues in NYC, like Norma’s at Le Parker Meridien.
So Benchmark and Imapct score big, too! Congrats to them as well. An IPO exit in this environment is simply impressive! I hope this offering finds a lot subscribers and knocks the window open a bit for following ones. Man we need the IPO market to be revived so that entrepreneurs have more happy endings to look forward to!
By the way, Impact’s lead partner in this deal is Adam Dell, Michael Dell’s brother who also teaches at Columbia Business School!
nice find!
This is great to see – it’s a strong company with a great product, team, and revenues (from the document at least!). Positive for everyone in the internet sector to show we shouldn’t be afraid of taking good companies to IPO.