Reserve Your Seat at OpenTable IPO

Initial public offering drought ends in Silicon Valley

By Jackson West
|  Monday, May 18, 2009  |  Updated 9:25 PM PDT
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Reserve Your Seat at OpenTable IPO

Arvind Grover via flickr

OpenTable is looking to turn restaurant reservations into stock market gold.

OpenTable, a Web site which helps diners make restaurant reservations, will be launching an initial public offering, ending a long drought in Silicon Valley.

Every since the "dot-bomb," technology startups have struggled to attract enough interest and financing to go public.

OpenTable wasn't actually profitable in 2008, losing $1.02 million on $55.8 million in revenue.

It plans to use the expected $42 million in cash raised from the sale of shares on the open market to fund operations and possible acquisitions.

OpenTable will be joined at the feast by SolarWinds, a Texas company that makes network management software.

It's good news for the venture capital firms that feed startups, which can't cash out until companies they back are either sold or go public.

Jackson West doesn't see the attraction to a business serving high-end dining in this economy, especially one that isn't profitable, but wishes them luck all the same.

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