The popular travel search engine had originally filed to go public in November 2010 but has held off because of turbulent market conditions. However, CNBC reports that Kayak is planning to launch its IPO road show either next week or the week after as investors watch the progress of Facebook’s offering. Kayak hopes to raise $150 million, which would bring its valuation to around $1 billion.
Reps from Kayak could not be reached for comment at press time. The company reported a first-quarter net income of $4.1 million vs. a $6.9 million loss in the year-ago period. Revenues for the quarter jumped 39% to $73.3 million. Kayak, however, faces competition in the segment from ITA, a rival that Google bought in 2010 for $700 million.
Kayak is one of just a handful of Internet-based businesses going public this year. In addition to Facebook, which is set to offer shares to the public on Friday, the other high-profile IPO was Yelp, which saw a 64% jump in its stock price on opening day. On Thursday, Yelp’s stock was trading at $21.60, 30% more than its $15 opening price.
Bonus: How the social media IPOs of 2011 fared.
Yandex, a Russian search engine, raised $1.3 billion when it went public in May, making it the biggest social media IPO of the year.
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