Sunday, February 1st, 2009...5:15 PM
OpenTable.Com Files For IPO
Open Table the restaturant reservation and social media business filed for an initial public offering worth up to $40 million on Friday. Open Table is a JeffBennett.Org “Cool Site.”
This is big news in an ipo market that has all but been slammed shut. We have witnessed most of the companies that have been in the IPO filing process pull their filings in the last few months.
What is also very interesting is that as the economy has gone further into recession premier restaurants that utilize the Open Table system have been hit. There are estimates that revenues for premier restaurants will dip more than 15% this year.
I must say that Open Table is surely a great service if you are a foodie. It easily allows you to scan the top restaurants in most towns and plan your dinner. I recently started using Open Table on my iPhone as well. The Open Table app takes into account your location and then serves up options for restaturants where you are.
This is surely an surprising development. Open Table has a great team of investors and management. As an entrepreneur I am a big fan. I am hoping that Open Table can buck the trend and get the IPO market going.
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