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Kayak Prepares For $100 Million IPO
Kayak seems to be able to do no working these days and in keeping with the stroke of luck and solid earnings numbers, there are plans afoot for an IPO. In an updated SEC filing, Kayak revealed that it will be offering shares in the company starting at $22 a share with a ceiling of $25. The total amount that is being sought is somewhere in the region $100.6 million—almost double what the initial S-1 filings had suggested.
Strong earnings numbers seemed to have made the stewards of Kayak very bullish about the future of the company. Kayak made a profit $4.15 million on revenues of $73.3 million. Those earnings figures were a massive turnaround from the $6.9 million loss recorded a year earlier and perhaps the catalyst for the hastening of the pace towards the IPO.
Morgan Stanley, Deutsche Bank Securities, Piper Jaffray, Stifel Nicolaus and Pacific Crest will all have a hand in bringing the IPO to fruition. One can only hope the Facebook fiasco overseen in May won’t repeat itself here. Investors who helped pour in over $223 million in funding to Kayak will no doubt be watching as things unfold.
I wonder what the re-worked ‘Frank Reardon’ commercial will look like post-IPO.
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