OpenTable Inc, an online reservation system used in about 10,000 restaurants in the United States, will price its planned initial public offering on May 20, and begin trading the following day, a source close to the deal said Wednesday.
OpenTable, which is based in San Francisco, plans to sell 3 million shares in an estimated range of $12 to $14 per share in the deal, which is being underwritten by Bank of America Merrill Lynch (BAC.N).
Last week, OpenTable set terms for the IPO, which will be the first by a U.S. company on Nasdaq this year if it launches, and said in a filing it expected the deal to net proceeds of about $16.1 million, according to a regulatory filing.
About 48 percent of the shares are being sold by existing shareholders.
For the years ended Dec. 31, 2007, and 2008, OpenTable's revenue was $41.1 million and $55.8 million, respectively.
OpenTable, which filed for its IPO in January, has applied to have its common stock listed on The Nasdaq Global Market under the symbol "OPEN."
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