Great way to end the tech IPO drought: Benchmark-backed online restaurant reservations service OpenTable priced at $20 last night, opened at $24.50 today, and closed today at $31.89, up 59%. At one point, shares reached $35.50.
OpenTable made a $366,000 profit on $16 million of sales last quarter, representing 21% year-over-year revenue growth. Last year, the company lost $1 million on $56 million of sales.
With a market cap roughly around $700 million, the market values OpenTable at about 12x last year’s sales.