Kayak Said to Postpone IPO Following Facebook’s Tumble
By Serena Saitto - May 30, 2012 2:38 PM ET
Kayak Software Corp. is delaying its initial public offering following Facebook Inc. (FB)’s post-IPO tumble, according to a person close to the situation.
The Norwalk, Connecticut-based online-travel service has postponed the roadshow for the offering, which was scheduled to start last week, said the person, who declined to be identified because the information is private. Morgan Stanley, the lead bank on Facebook’s initial share sale, also was hired to lead Kayak’s IPO.
Kayak would have been the first U.S. Internet offering since Facebook went public in the biggest technology IPO on record this month. The social network dropped 24 percent through yesterday since its market debut, extending its losses in the worst-performing large IPO in the past decade. Investors are pummeling the stock amid questions about Facebook’s growth and how underwriters managed the share sale.
ServiceNow Inc., an IT cloud-computing services company, and Palo Alto Networks Inc., an Internet security company, both planning IPOs led by Morgan Stanley (MS), are on track to go public, said people familiar with the situation. Pen Pendleton, a spokesman for Morgan Stanley, declined to comment.
Mike Haro, a spokesman with Palo Alto Networks, and Rhett Glauser, a spokesman with ServiceNow, didn’t immediately respond to requests for comment. Jessica Casano-Antonellis, a spokeswoman for Kayak, declined to comment.
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http://www.bloomberg.com/news/2012-05-30/kayak-said-to-postpone-ipo-following-facebook-s-tumble.html
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