Online travel firm Kayak files for $50-mn IPOBy DPA, IANS
Wednesday, November 17, 2010
SAN FRANCISCO - Online travel firm Kayak filed for an initial public offering Wednesday worth $50 million.
One of the internet’s leading sites in helping travellers find good deals for flights, hotels and rental cars, Kayak said it had revenues this year of $128 million through September, with profits of $6.2 million. The company said it has been profitable since 2008.
The proposed share sale comes as the company faces the daunting prospect of taking on Google as a competitor. The search giant is currently in the process of purchasing ITA, a provider of technology that powers numerous travel sites, and Kayak acknowledged that Google could create new flight search tools that may challenge Kayak’s business model.
Kayak and other travel sites like Expedia and Travelocity are urging the Justice Department to block Google’s ITA purchase.