After A Two-Year Delay, Kayak's IPO Soars On Its First Day Of Trading

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After shaky market conditions that held up Kayak's IPO for two years, the online travel company--which debuted on the NASDAQ today at an initial price of $26 a share--hit a soaring $35 high before closing at $33.48. The good news has been a long time coming for Kayak, which first filed its intent to IPO in November 2010, when it was looking to raise $50 million. But, bit by bit, factors kept Kayak pushing the date back further and further. For one, Google closed its $700 million acquisition of travel software company ITA last April. Then Facebook's botched IPO left investors questioning the stability of Silicon Valley companies at large. But today's closing price left Kayak at a healthy $91 million raised. "Our team intends to stay focused on creating the best place to plan and book travel," the company said in a statement. "We will continue to strive to innovate and improve our technology in order to provide travelers with comprehensive, accurate and intuitive travel tools that they can access from whatever device they choose."

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