Investors Make Their Reservations for the OpenTable (OPEN) IPO
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After today's successful IPO for SolarWinds, Inc. (NYSE: SWI), and the healthy interest in new listings, investors are eagerly awaiting the next IPO on-deck, restaurant-reservation service OpenTable (Nasdaq: OPEN).
The OpenTable IPO is expected to price tonight, and demand is strong so far. Yesterday, OpenTable raised its expected IPO range from $12-$14 to $16-$18 per share. 3,000,000 million shares are being offered, 1,572,684 shares by the company and 1,427,316 shares by selling stockholder. The stock is expected to start trading on the NASDAQ tomorrow under the symbol "OPEN."
A "suspiciously timed" lawsuit was highlighted in the Wall Street Journal yesterday, but it seems unlikely to have swayed demand for the new issue.
Merrill Lynch, Allen & Company, Stifel Nicolaus and ThinkEquity LLC are underwriting the new offering.
There are expected to be 21,604,587 shares after the offering, suggesting a market capitalization of about $390 million if priced at the top end of the range ($18).
OpenTable provides solutions that form an online network connecting reservation-taking restaurants and people who dine at those restaurants. Solutions for restaurants include the company's Electronic Reservation Book, or ERB, which combines proprietary software and computer hardware that computerizes restaurant host-stand operations and replaces traditional pen-and-paper reservation books.
As of March 31, 2009, the OpenTable network included approximately 10,000 OpenTable restaurant customers spanning all 50 states as well as select markets outside of the United States.
For the twelve months ended December 31, 2007 and 2008, OpenTable's revenues were $41.1 million and $55.8 million, respectively. For the twelve months ended December 31, 2007 and 2008, subscription revenues accounted for 55% and 54% of total revenues, respectively, and reservation revenues accounted for 41% and 41% of total revenues, respectively. For the three months ended March 31, 2008 and 2009, subscription revenues accounted for 52% and 52% of total revenues, respectively, and reservation revenues accounted for 44% and 43% of total revenues, respectively.
The company showed EPS of $0.02 for the quarter ended March 31, 2009.
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