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KaChing! KaChing!
It only makes sense to call a company a sound you like to hear. This is exactly what CEO and co-founder Andy Rachleff must have had in mind. His new company -- kaChing, of course -- is backed by Marc Andreesen (a name often associated with that sound) and Jeff Jordan, the CEO of OpenTable (NASDAQ: OPEN), two guys who usually do a solid job of backing winners. But, they've taken on a challenge by backing a company in the financial services industry.
OpenTable Inc. (NASDAQ: OPEN) came into the world with a bang on Thursday, shooting from $20 a share to a peak of $33 before settling down for the week at $28.75. A 44% gain makes this the second strong initial public offering (IPO) for a venture-backed company, following the SolarWinds Inc. (NYSE: SWI) debut the day before.
Originally, OpenTable planned a price range of $12 to $14, which crept up to $16 to $18, and eventually to its final level of $20.
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