Kayak Files For $100 Million IPO At $25 Per Share
Kayak.com, the hotel and flight search engine company, has filed for a $100 million IPO with a trading range of between $22 to $25 on the Nasdaq exchange. Kayak will trade under the symbol “KYAK.” Kayak will offer four million shares and will raise a maximum of $100.6 million, which is twice as much as their initial filing.
In terms of Kayak’s finances, Kayak made $4.15 million profit on sales of $73.3 million. This is a per-share earnings of 17 cents (11 cents on a diluted basis). In the same quarter of 2011, Kayak had a $6.9 million loss on $52.6 million in sales.
In the quarter ahead, Kayak expects to hit sales of $74.5 million to $76 million., which is growth of 31-34%. They expect to earn between $13 and $14 million on an operating basis, which would amount to growth of between 133 and 151%.
Kayak first filed their S-1 for an IPO with the U.S. SEC 21 months ago. Between now and then, Kayak faced intense rivalry with Google since they acquired travel software company ITA for $700 million. When several errors happened on the Nasdaq with Facebook’s IPO, Kayak delayed once again.
Kayak raised $223 million across four rounds of venture capital. In one of the rounds, the company raised $196 million from Sequoia Capital, General Catalyst Partners, and Accel Partners in 2007. Most of the proceeds from that venture capital round was used to acquire SideStep for $200 million in cash and stock. AOL contributed to Kayak’s Series A in 2004 and Series B that same year, but ended up selling off their equity for $19 million in 2010.
The underwriting is being led by Morgan Stanley and Deutsche Bank Securities. Piper Jaffray, Stifel Nicolaus, and Pacific Crest are participating as additional underwriters.