OpenTable is turning restaurant reservations into stock market gold, having popped during its IPO.
Score one for Silicon Valley investors. Finally.
With this morning's Open Table (Nasdaq: OPEN) IPO, the Silicon Valley erases the goose egg from it's year-long IPO drought. More importantly, it did so with a profitable, disciplined, successful company leading the charge. If you're not yet familiar with OpenTable, it's essentially a San Francisco website that helps you make reservations at restaurants. I'm probably simplifying here, but I've always thought of it as kind of a Fandango for foodies.
Just going public these days is an accomplishment. OpenTable took it to the main course, jumping at the close to 60 percent on its first day of trading (after moving your opening day price higher, no less); that's a lot of money coming into company coffers, and early investors who get paid off big time.
It will be interesting to follow this one as we slog through the recession, but by virtue of going public, OpenTable now has more people who know about what it can do and more money with which to do it.