Kayak Rows Towards IPO, Sets Price Range

NEW YORK ( TheStreet) -- Following a dance with the IPO market, Kayak Software has decided to take the lead and is moving forward with its initial public offering.

The online travel booking service filed its S-1, announcing it will sell 3.5 million shares between $22 and $25 a share, hoping to raise as much as $100 million in the process.

Kayak has had its IPO lined up for a while, but has pushed back the process for a variety of reasons, including market conditions, and the perceived issues with Facebook's ( FB) botched IPO.

Recent competition from Google ( GOOG), which closed its ITA Software acquisition last year, has heightened scrutiny surrounding the firm. The company cited the acquisition as a risk factor in its filing.

"In the event we are not offered access to Google's enhancements of or replacements to ITA software at competitive prices or at all, our ability to compete and operate our business effectively, and our financial performance, may be materially adversely affected," the filing noted.

In the three months ended March 31, Kayak generated $73.3 million in revenue, earning 17 cents a share. That was up from the same quarter in 2011, when it reported $52.7 million in revenue, but lost $1.33 a share.

Kayak plans to list on the Nasdaq under the ticker symbol "KYAK." Morgan Stanley is the lead book runner on the IPO. Morgan Stanley was also the lead underwriter on Facebook's IPO.

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-- Written by Chris Ciaccia in New York

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