Kayak delays public offering, says Bloomberg
Bloomberg is reporting that Kayak Software Corp has delayed its initial public offering following Facebook’s post-IPO tumble.
It said the online travel agent, based in Connecticut, was due to start a roadshow for the offering last week, but has changed its mind following Facebook’s poor market debut.
Morgan Stanley, the lead bank on Facebook’s initial share sale, was also due to be leading Kayak’s IPO.
Kayak initially intended to go public in November 2010 but postponed its plans in uncertain market conditions.
It posted a profit of $4.15 million in the quarter that ended March 31, compared with a loss of $6.91 million in same period the year before. Revenue rose 39% to $73.3 million.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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