Kayak beats IPO forecasts

Kayak beats IPO forecasts

Kayak has raised $91 million in an initial public offering, according to sources close to the deal.

Reuters reports the online meta-search company exceeded forecasts by four per cent.

Kayak sold some 3.5 million shares at $26 a share.

This is slightly ahead of the $22 to $25 the company forecast earlier this month, according to Reuters.

Earlier this week, Kayak revised its share price to $25.

First-quarter net income for the company, which was founded in 2004, was $4.15 million, compared to a year-earlier loss of $6.91 million.

Revenue rose 39 per cent from a year earlier to $73.3 million.

Kayak first filed for its IPO in November 2010.

Morgan Stanley and Deutsche Bank Securities are the lead underwriters.