FORTUNE -- Online travel site Kayak today set pricing terms for its initial public offering, a scant 20 months after filing its original registration document. And company insiders seem determined to push it over the finish line sometime next week.
Kayak says that it plans to offer 3.5 million Class A shares at between $22 and $25 a piece. Of those shares, it appears that 1.2 million will be acquired by existing shareholders Oak Investment Partners (554,058 shares), General Catalyst Partners (287,425 shares), Sequoia Capital (287,424 shares) and Accel Partners (71,855 shares). These are the venture capital firms that helped plug over $200 million into Kayak since 2004, and indicates that there are some concerns about adequate buyside interest.
[Update: There is some confusion on the above point. The four VC firms are certainly planning to increase their share ownership by a combined 1.2 million, but it may be done via a concurrent private placement, rather than via the 3.5m share IPO itself.]
Remember, this has been the little IPO that couldn't. It originally filed just months after Google (GOOG) agreed to buy ITA Software, a deal that Kayak helped lead a (failed) lobbying push to defeat. Then it sat in limbo for more than a year, only to schedule its IPO roadshow to follow on Facebook's (FB) expected coattails.
So it's not terribly surprising that Kayak's investors are trying to signal continued confidence by acquiring additional shares -- a tactic VC firms often use for small biotech issuers.
If Kayak manages to price at the top of its range, it would be valued at nearly $964 million. The company reports just over $4 million in net income for Q1 2012 on around $73 million in revenue, compared to a $6.9 million loss on around $52 million in revenue for the year-earlier period.
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Kayak is a reasonable IPO candidate. But it shouldn't be in registration right now.
Online travel search company Kayak amended its IPO filing this week, explicitly acknowledging that Google's (GOOG) acquisition of ITA Software – which once shared a couple of investors with Kayak – could become problematic.
Kayak is one of the companies that Benchmark Capital's Bill Gurley discussed in a recent blog post arguing that if you're going to file MOREDan Primack - Sep 23, 2011 2:09 PM ET
The federal government may be shutting down later today, but not before helping to clear a path to the public markets for travel search startup Kayak.
Kayak was one of several online travel companies that banded together last October to form a lobbying group called FairSearch, in opposition to Google's (GOOG) proposed $700 million acquisition of ITA Software, which makes airline reservations software. Here's what I wrote at the time:
The main grievance MOREDan Primack - Apr 8, 2011 1:51 PM ET
Yesterday I delved into the IPO filing of online travel company Kayak, and why its worries about the ITA/Google merger are well-founded (from a financial perspective).
One thing I failed to address, however, was the continuing oddity of General Catalyst partner Joel Cutler serving as a board member of both Kayak and ITA. I first wrote about the beyond-obvious conflict last month, and how Kayak's non-response response was as follows:Dan Primack - Nov 18, 2010 1:39 PM ET
Kayak filed for an IPO today, and the underlying financials show why it's fighting so hard to stop Google from buying ITA Software.
A group of online travel sites last month asked federal officials to block Google's (GOOG) proposed $700 million acquisition of ITA Software, maker of airfare search software upon which many of the sites rely. The lobbying effort named itself Fair Search, and argued that Google/ITA would result in limited MOREDan Primack - Nov 17, 2010 12:59 PM ET
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