Submitted by Fox First at Ten on July 9th
NEW YORK (AP) - The online travel search company Kayak Software expects its long-delayed initial public offering of 3.5 million shares to price between $22 and $25 each.
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 expects to trade on the Nasdaq Global Select Stock Market under the symbol "KYAK." It didn't specify a date.
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.
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