Kayak, which first filed to go public back in November of 2010, is back on track with its IPO. The company updated its S-1 Monday saying it is looking to raise up to $ 100.6 million after setting a price range of between $ 22 and $ 25 per share. Originally, Kayak had planned to raise $ 50 million in its IPO.
The company, which plans to go public on the NASDAQ stock exchange, brought in $ 73.3 million in revenue and generated $ 8.1 million in income from operations in the first three months of the year. Revenue was up 39 percent over the same period last year while operating income was up 174 percent after adjusting for a $ 15 million charge over the decision to end the SideStep brand name.
For the most recent quarter ending June 30, Kayak expects to report revenues of between $ 74.5 and $ 76.0 million, representing 31 percent to 34 percent growth over the same period last year. Income from operations is expected to come in at $ 13.4 to $ 14.4 million, up 133 percent to 151 percent.
Kayak processed 310 million user travel queries in the first quarter of 2012, up 45 percent over 2011 and the company’s mobile app has now been downloaded 15 million times overall, including 3 million downloads in the first three months of the year. The company is part of a big and growing market for online travel, which generated $ 284 billion last year. But it still faces risks associated with its dependence on online travel agencies and travel suppliers, who can choose to not advertise with Kayak or may balk at the fees they pay Kayak.
Kayak has delayed its IPO a couple times already as it looked to find better timing to go public. Since it first filed, a number of companies including Facebook, Zynga, LinkedIn, Groupon and others have gone public, with mixed results.
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