Reuters: Global Markets: Kayak Software Corp shares rise 16 percent in trading debut

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Kayak Software Corp shares rise 16 percent in trading debut Jul 20th 2012, 15:50 Fri Jul 20, 2012 11:50am EDT (Reuters) - Shares of online travel company Kayak Software Corp (KYAK.O) rose 16 percent in their market debut on Friday, in the first consumer-orientated Internet IPO since Facebook Inc FB.N. The Norwalk, Connecticut-based company opened NASDAQ trading at $30.10 after 3.5 million shares priced at $26.00. Kayak raised $91 million in its offering. Shares continued rising and were up 29.4 percent at $33.65 in morning trade. Kayak, which filed to go public in November 2010, was originally slated to launch its offering following Facebook IPO in May. But those plans were pushed back after Facebook's shares fell and lost around a third of their value. In fiscal year 2011, Kayak's revenue rose 32 percent to $224.5 million. The company's net income grew 21 percent to $9.7 million. Kayak's venture backers include Sequoia Capital, Accel Partners, General Catalyst Partners and Oak Investment Partners. The IPO is being underwritten by Morgan Stanley, Deutsche Bank, Piper Jaffray, Stifel Nicolaus and Pacific Crest Securities.

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