Kayak Sees Facebook Flop, Delays IPO [REPORT]
Travel website Kayak‘s on-again, off-again $150 million IPO is off again — thanks to Facebook’s disappointing debut, according to a report.
Citing a “person close to the situation,” Bloomberg is reporting the travel site has postponed the roadshow for its IPO, which was to begin last week.
A representative from Kayak declined comment, citing SEC-imposed restrictions related to a proposed public offering.
Kayak, which filed to go public in November 2010, has held off for one reason or another since then. The latest delay comes after Facebook’s long-awaited, but so-far lackluster IPO on May 18. Facebook, trading on Nasdaq under the symbol “FB,” rose just 23 cents on its opening day and is currently down more than 20%.
Kayak is one of just a handful of Internet-based businesses going public this year. Though Facebook didn’t fare well on opening day, local reviews site Yelp saw a 64% jump in its stock price when it went public on March 2.
Bonus: How the social media IPOs of 2011 fared
1. Yandex (YNDX) -20.8% from its IPO Price
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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