Kayak Software Corp., the online travel search engine, raised $91 million in its IPO on Friday, July 20. Kayak priced its shares of Class A Common Stock at $26.00 per share, above the $22 to $25 indicated pricing range. At the IPO price, Kayak had a market cap of approximately $979 million. The stock opened trading at $30.10, for an IPO pop of 16%, and closed its first day of trading at $33.18, for a 28% first day performance.
All of the IPO shares were being issued by the company. 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 is listed on NASDAQ with a ticker of KYAK.
Morgan Stanley was the lead-left book-running underwriter on the deal, and Deutsche Bank was the joint-book-running manager. Piper Jaffray, Stifel Nicolaus Weisel and Pacific Crest Securities served as co-managers on the IPO.
Venture capital investors listed on the prospectus as 5% shareholders include General Catalyst, Sequoia, Accel and Oak. Other venture capital investors include Gold Hill Capital, Norwest Venture Partners and Trident Capital. AOL is also an investor in the company.
All of the IPO shares were being issued by the company. 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 is listed on NASDAQ with a ticker of KYAK.
Morgan Stanley was the lead-left book-running underwriter on the deal, and Deutsche Bank was the joint-book-running manager. Piper Jaffray, Stifel Nicolaus Weisel and Pacific Crest Securities served as co-managers on the IPO.
Venture capital investors listed on the prospectus as 5% shareholders include General Catalyst, Sequoia, Accel and Oak. 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 IPO prospectus:
