Kayak ipo shares price and stock symbol, Kayak Software Corp ipo prospectus : Kayak Software Corp. is expected to complete its initial public offering of stock next week, according to IPO tracker Renaissance Capital. Kayak, eadquartered in Norwalk, Conn. and Concord, Mass., aims to raise up to $101 million in the IPO. The venture-backed travel search company has had its IPO intentions on file with the SEC since November 2010.The company first filed for an IPO in November 2010, but that was delayed because of poor market conditions. It then hoped to raise up to $50 million. The new range is between $77 million to $87.5 million.
Kayak on Monday updated its IPO filing with a price range – $22 to $25 – and said it would register 4.025 million shares, including 525,000 shares set aside as an over-allotment option for underwriters led by Morgan Stanley (NYSE: MS) and Deutsche Bank Securities (NYSE: DB). The company plans to trade under the Nasdaq ticker "KYAK."
With 38.5 million shares in aggregate, the offering could value Kayak at up to $962.46 million, if the IPO prices at the top of the range. At the middle of the range, a share price of $23.50, the IPO would net $72.7 million, plus as much as $11.4 million if the underwriters exercise their over-allotment option.
Kayak's backers include General Catalyst Partners, Sequoia Capital, Accel Partners and Oak Investment Partners, which together have invested at least $226 million in Kayak.
Kayak Software Corp., based in Norwalk, Conn., was founded in 2004, and is the brainchild of the same people who helped launch fellow travel sites Expedia, Travelocity and Orbitz. It sorts travel information from hundreds of websites and presents them to users in a single place. Once a would-be traveler chooses what they want to buy, Kayak re-directs them to other websites to complete the booking process. Some bookings can be made directly through Kayak's website or mobile apps.
It faces growing competition from other travel sites expanding their own capabilities, as well as from new entrants like Google. In the first quarter, it earned $4.1 million, or 11 cents per share, compared with a year-earlier loss of $6.9 million, or $1.33 per share. Revenue rose to $73.3 million from $52.7 million in the first three months of 2011.
In the first quarter of 2012, Kayak posted revenue of $73.3 million, up 39% year over year, and net income of $4.1 million or 11 cents per fully diluted share. At the top of the range, Kayak would have a market cap of $964 million. The company provides web and mobile search for airline tickets and hotel rooms.
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