OpenTable IPO prices for $20, above range

 

May 20, 2009
Reuters

OpenTable Inc shares priced at $20 each in its initial public offering on Wednesday, above its estimated price range, one of deal's underwriters said.

San Francisco-based OpenTable, which operates a restaurant reservation system, sold 3 million shares, raising $60 million in the first IPO by a U.S. company on the Nasdaq in 2009.

OpenTable had raised its estimated price range by 30 percent earlier this week to between $16 and $18 apiece.

It was the second venture-backed IPO by a tech company in the United States in as many nights, following Tuesday's IPO by software maker SolarWinds Inc (SWI.N) .

The underwriters, led by Bank of America Merrill Lynch (BAC.N), will have the option to purchase 450,000 shares to cover overallotments. (Reporting by Phil Wahba; editing by Carol Bishopric)