Strong Open for Kayak as Shares Surge
The Concord-based online travel company enjoyed a 28 percent rise in its first day of trading last week.
Concord-based online travel company KAYAK Software Corp saw shares travel in the right direction on the local outfits first day of trading last Friday, July 20.
In a July 19 company press release, KAYAK announced the pricing of its initial public offering of 3,500,000 shares of its Class A common stock at a price to the public of $26.00 per share, to be traded under the ticker symbol "KYAK." According to reports, in its first day, company shares rose about 28 percent to close at $33.18 after going public at $26 per share.
“Becoming a public company marks an important and exciting milestone for KAYAK,” said co-founders Steve Hafner and Paul English in a statement, via the Boston Herald. “Our team intends to stay focused on creating the best place to plan and book travel.”
KAYAK’s strong start has some financial analysts suggesting investors have forgotten about Facebook’s alleged cooling effect on the market, according to reports.
Reports The Globe:
Investor interest in KAYAK contrasts with Facebook’s arrival on Wall Street. Facebook raised $16 billion in the third-biggest IPO in US history, but its initial $38 share price sank to a low of $25 in June. The social media giant’s shares traded at $28.74 on Friday, down about 1 percent from the previous day.
Based on Baker Avenue Extension, KAKAK was founded in 2004 by co-founders of Expedia, Travelocity and Orbitz.