We study the phenomenological constraints on a recently proposed model of open inflation in the context of induced gravity. The main interest of this model is the relatively small number of parameters, which may be constrained by many different types of observation. We evaluate the complete spectrum of density perturbations, which contains continuum sub-curvature modes, a discrete super curvature mode, and a mode associated with fluctuations in the bubble wall. From these, we compute the angular power spectrum of temperature fluctuations in the microwave background, and derive bounds on the parameters of the model so that the predicted spectrum is compatible with the observed anisotropy of the microwave background and with large-scale structure observations. We analyze the matter era and the approach of the model to general relativity. The model passes all existing constraints.