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
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
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.