OpenTable sets terms for U.S. IPO

NEW YORK (Reuters) - OpenTable Inc, a San Francisco-based online restaurant reservation service, set terms on Wednesday for a planned initial public offering.

OpenTable, whose IPO will be underwritten by Merrill Lynch & Co (BAC.N), plans to sell 3 million shares at a price of between $12 and $14 each and expects net proceeds of about $16.1 million, according to a regulatory filing.

About 48 percent of the shares are being sold by existing shareholders.

The filing did not specify a pricing date, but typically, a company attempts to launch its IPO within weeks of setting the size and price of its offering.

OpenTable's reservation system was in use at about 10,000 restaurants in the United States as of March 31, according to the filing.

For the years ended December 31, 2007 and 2008, OpenTable's revenues were $41.1 million and $55.8 million respectively.

OpenTable has applied to have its common stock listed on The Nasdaq Global Market under the symbol "OPEN."

Open Table filed for its IPO in January.

(Reporting by Phil Wahba; Editing by Ted Kerr)