April turned out to be the best month for tech IPOs in at least a year. OK, two is not a lot to shout about. But that was as many IPOs as the previous 11 months combined, and the stocks have traded up nicely (Chinese games company Changyou by 92 per cent, online education company Rosetta Stone by 66 per cent.)
That probably explains why we hear, through an unconfirmed source, that Jeff Jordan recently bought himself three new suits in preparation for an IPO roadshow.
The former head of PayPal, Jordan could soon be blazing a trail to Wall Street at the helm of OpenTable, an online reservation system that can find you a seat at any of 10,000 restaurants.
An IPO from a loss-making consumer internet company? Well, not quite. OpenTable may be free to the diners who make reservations and still be in the red, but it has a few ways to make money from restaurants. These include monthly subscriptions for using its technology and a fee on each reservation (which we calculate at 68 cents per diner per meal last year.)
It’s far too early to predict an end to the IPO drought from the April bounce. But it is a useful reminder, despite the complaints of the venture capitalists, that Wall Street is still open for some tech companies with a good story to tell.