Kayak sets price range of $22-$25 a share for long-delayed IPO
After a long wait, online flight-and-hotel search resource Kayak Software Corp. announced Monday that it will sell shares at between $22 and $25 apiece, which would raise up to $100.6 million.
Kayak will sell shares on the Nasdaq exchange under the ticker symbol KYAK, the company said in an amended filing with the U.S. Securities and Exchange Commission.
The Norwalk, Conn.-based company first announced its intent to go public in November 2010, but then delayed its plans.
The bungled Facebook initial public offering in June, in which the social network’s shares lost 27% of their value in two weeks, chilled the IPO market. Kayak reportedly delayed its roadshow in the aftermath of the Facebook offering.
Kayak said in its IPO filing that it made $73.3 million in revenue in the first quarter of this year, 39% more than the same period last year.
The company said it made $4.1 million in profit in the first quarter of 2012, compared with a loss of $6.9 million last year.
[For the Record, 12:40 p.m. July 9: A earlier version of this post stated that the per-share price range of the Kayak IPO will be between $23 and $25. It will be between $22 and $25.
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