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Kayak shares rise nearly 30 pct in debut

- Associated Press - Friday, July 20, 2012

NEW YORK (AP) - Shares of travel website Kayak are up nearly 30 percent in their first day of trading on the Nasdaq.

Kayak Software Corp. raised $91 million, before underwriting discounts and commissions, by selling 3.5 million shares at $26 apiece. All of the shares were sold directly by Kayak.

The company also granted the offering's underwriters, Morgan Stanley and Deutsche Bank, a 30-day option to buy up to 525,000 additional shares to cover possible over-allotments.

It may be somewhat of a redemption for Morgan Stanley, which was the big underwriter for the Facebook debacle.

Kayak jumped $7.38 to hit $33.38 early Friday.

Kayak, based in Norwalk, Conn., is listed under the ticker symbol "KYAK."

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