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.