Kayak IPO ‘postponed’

Kayak IPO ‘postponed’

Online travel service Kayak is reported to be delaying its US stock market flotation following Facebook’s poor initial public offering.

Kayak has postponed a roadshow for the offering, which was due to start last week, according to Bloomberg.

Morgan Stanley, the lead bank on Facebook’s initial share sale, was also hired to lead Kayak’s IPO.

The US business was seeking to raise $150 million in a June IPO but analysts suggest it is unlikely to go ahead as planned, the Daily Telegraph reports.

Kayak would have been the first US internet offering since Facebook went public in the biggest technology IPO on record this month.

The reports emerged as Facebook shares tumbled for a third straight day to $27.88. The shares have now fallen by more than $10 from its initial price of $38.

Kayak and Morgan Stanley declined to comment.

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