Kayak braves the rough waters of the public market
Facebook curse? What Facebook curse? Online travel booking site, Kayak, has announced that it has priced its shares between $22 and $25 on the Nasdaq under the KYAK symbol. Road show is getting underway. Kayak said it will offer 4 million shares and hopes to raise $100 million (about twice as much as it initially planned on raising). The deal is being led by Morgan Stanley. Kayak has been waiting in the weeds for a LONG TIME. Kayak first filed papers with the SEC about going public nearly 2 years ago. So you have to wonder: WHY NOW?! This seems like THE WORST possible time to go public. ON THE NASDAQ? WITH MORGAN STANLEY?? HAVE THEY BEEN LIVING UNDERGROUND FOR THE LAST FEW MONTHS???
Can Kayak weather the rough waters of the public market? Will it succeed where Facebook failed(ish)? And why did they choose this moment to go public? Could also be a good excuse to look into the summer travel business–how online sites are doing and what we’re up to this summer
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