Online restaurant reservation management company OpenTable has increased the pricing it expects for its IPO to $16-$18 per share, up from its previous estimate of $12-$14 per share, it said in a SEC filing. At the midpoint, that’s a roughly 30% jump.
OpenTable will offer 3 million shares tomorrow, aiming to raise $21.9 million. The company will trade on the NASDAQ under ticker symbol OPEN.
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.
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