Kayak may issue additional shares in connection with the IPO, some as part of a private placement to existing shareholders, and others as part of an automatic issuance if the IPO price is less than $27.00 per share. At an IPO price of $21.50, up to 2.5 million additional shares may be issued through the private placement and automatic issuance. At an IPO price of $21.50, the mid-point of the range, and assuming all of the private placement shares are issued, there will be38.95 million shares outstanding, giving the company an IPO market cap of $837 million.
All of the IPO shares are being issued by the company - there are no selling shareholders. The company will have two classes of stock outstanding after the IPO, Class A common and Class B common. The Class B common will be held by insiders and will have super voting rights of 10 votes per share. The company plans to list on NASDAQ with a ticker of KYAK.
Morgan Stanley is the lead-left book-running underwriter on the deal, and Deutsche Bank is the joint-book-running manager. Piper Jaffray, Stifel Nicolaus Weisel and Pacific Crest Securities are co-managers on the IPO.
Venture capital investors listed on the S-1/A as 5% shareholders include General Catalyst, Sequoia, and Accel. Other venture capital investors include Gold Hill Capital, Norwest Venture Partners and Trident Capital. AOL is also an investor in the company.
Link to Kayak's latest S-1/A registration statement:
Link to my prior post on Kayak: