OpenTable Inc, an online restaurant reservation system, now expects its IPO to price in a range of $16-$18 per share, above the previously estimated range of $12-$14, according to a filing with the SEC on Tuesday.
OpenTable is set to offer 3 million shares on Wednesday in hopes of netting proceeds of $21.9 million, up from earlier estimates of $16.1 million. The San Francisco-based company said it may use the proceeds for technology improvements and general corporate purposes, according to the filing with the U.S. Securities and Exchange Commission.
The IPO, if it is launched, would be the first by a U.S. company on the Nasdaq this year. It is being underwritten by Bank of America Merrill Lynch, Allen & Company, Stifel Nicolaus, and ThinkEquity LLC.
OpenTable, which filed for its IPO in January, plans to be listed on the Nasdaq Global Market under the symbol OPEN. About 48 percent of the shares being sold on Wednesday are owned 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 supplies online reservation services for about 10,000 U.S. restaurants, filed for its IPO in January. It provides free reservations for diners through its computerized systems.
In addition to being available in the U.S., it also provides services in Canada, Japan, Mexico, and parts of Europe.
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