Kayak’s IPO soars on its first day of trading
July 23, 2012 | Online Travel
After shaky market conditions that held up Kayak's IPO for two years, the online travel company - which debuted on the NASDAQ last Friday at an initial price of $26 a share - hit a soaring $35 high before closing at $33.48.
Kayak Software Corp. (KYAK), the online travel company, raised $91 million in its initial public offering, pricing the shares above its proposed range.
The company sold 3.5 million shares at $26 each, according to data compiled by Bloomberg. Kayak, which will trade under the ticker KYAK on the Nasdaq Stock Market, had planned to sell the shares at $22 to $25 apiece.
Kayak, which first filed to go public in November 2010, is the first U.S. consumer Internet company to go public since Facebook Inc. (FB)’s troubled IPO in May. Norwalk, Connecticut-based Kayak delayed its roadshow after Facebook shares tumbled and is testing investor appetite for Web stocks now that the social- networking company has regained some of its losses.
Get the full story at Bloomberg
Read also "Kayak Software - an analysis of this successful offering" at Seeking Alpha,
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