Orbitz, the online reservations system owned by a consortium of airlines, expects to go public at a price of between $22 to $24 a share, raising about $82 million for it and helping cash out its founders.

The company is currently owned by


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The Goldman Sachs-led deal will occur on the


under the ticker ORBZ. According to a filing with the

Securities and Exchange Commission

, the company itself will sell 4 million shares, while its owners will unload 7 million, for total proceeds of around $304 million.

From a capital standpoint, the IPO takes Orbitz in the opposite direction of its chief competitor, Expedia, whose outstanding shares were recently brought back in by parent



. The other big player in the space is Travelocity, which is owned by

Sabre Holdings

(TSG) - Get Report


The cash infusion could be timely. Orbitz has never had a profitable year but turned a $4 million profit on revenue of $64 million in the three months to Sept. 30. The company did about $180 million in revenue in the first nine months of this year.