Hotel and flight search provider Kayak has reportedly put its IPO plans on hold as it seeks improved market conditions.
Kayak chief marketing officer Robert Birge described equity markets as being too volatile for an initial public offering. “We are going to file when the market conditions are favourable to IPOs,” he told publication AllThingsD.
The company filed plans for a $50 million IPO last November but its main technology vendor ITA Software was then acquired by search giant Google. Kayak opposed the deal but Google has launched Google Flight Search, and ITA-based travel search arm which has prompted complaints from rivals.
Kayak plans to keep its filing up to date with the US Securities and Exchange Commission, so the company will be able to move quickly if conditions change. “It gives us the flexibility to respond to market conditions,” Birge was reported as saying.