Kayak Meta-Search Site Raises $91 Million in Initial Public Offering
By James Shillinglaw
July 19, 2012 11:08 PM
Kayak, the online travel company that searches through online travel agency and airline websites to find the lowest fares, raised $91 million in its initial public offering. The Norwalk, Conn.-based company sold 3.5 million shares at $26 each, according to a report by Bloomberg, which was above the expected price of $22 to $25. Kayak will trade under KYAK on the Nasdaq Stock Market.
Kayak, which originally had filed to go public in November 2010, is the first U.S. consumer Internet company to go public since Facebook’s IPO in May. Kayak ‘s revenue rose 39 percent in the first quarter to $73.3 million from $52.7 million a year earlier. The company reported net income in the period of $4.1 million, following a $6.9 million loss in the year-earlier quarter. Last year Kayak reported $224.5 million in revenue, up from the $170.7 million in 2010. The company reported a profit of $9.7 million in 2011.