Thursday, May 7, 2009

Big names to profit from OpenTable stock offer

OpenTable should’ve pushed up the start date of its initial public offering and just auctioned off the shares at the Beard Awards. Many of the sellers were likely there, including Danny Meyer (selling roughly 69,000 shares, keeping around 124,000), Tim and Nina Zagat (selling all 155,000 of their shares), Rich Melman and Kevin Brown of Lettuce Entertain You Enterprises (selling about 26,000 shares through their partnership). 

Securities documents indicate the online reservation service expects to sell about 3 million shares for its stakeholders at an anticipated price of around $13 each.  

The filings show that OpenTable lost about $1 million last year on revenues of $55.8 million, after making more than  $9 million in 2007. Last year’s intake represented a 31% jump from the ’07 revenue figure.  The company was profitable during the first quarter of this year, according to figures cited in the prospectus. 

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