Kayak Now Valued At Roughly $1 Billion Following IPO
Kayak.com has started trading on the NASDAQ exchange under the symbol “KYAK.” The stock of the company grew over 14% to $30.10, which gave them a market cap of around $1 billion. Yesterday Kayak sold 3.5 million shares at $26 per share. This helped the company raise around $91 million in capital.
Kayak is the first U.S.-based consumer Internet company to go public since Facebook. Kayak filed for an IPO in November 2010, but bailed a couple of times since then. For the 4 quarters ended March 2012, Kayak generated around $245 million in revenue and $17.5 million in after-tax income.
Kayak started in 2004 and they have raised $223 million in funding since then. Kayak earns revenues by sending referrals to travel suppliers and OTAs along with advertisements on their websites and mobile apps.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry