Friday, May 22, 2009

OpenTable Has A Healthy IPO. Shares Shoot Up 40 59 Percent, Market Cap Passes $600 Million.

Bubble 3.0?  Check the full article for details

Is the IPO drought over? Not quite. But OpenTable’s successful IPO today will give tech startups and VCs a sign of hope that you can still go public eventually if you have a real business. On a day when the Nasdaq is down 2 percent, OpenTable is up 40 45 percent from its offering price of $20 (which itself kept moving up from $12 to $14 initially). The stock opened at $24, and was trading at around $28 $29 last time I checked. With 21.6 million shares outstanding, that gives OpenTable a market capitalization of $605 $626 million on its first day of trading. (The company itself cleared $60 million in the offering). Update: The stock closed at $31.89, up 59 percent from the offering price, giving the company a market cap of $689 million at the end of the trading day.

OpenTable Has A Healthy IPO. Shares Shoot Up 40 59 Percent, Market Cap Passes $600 Million.

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