Shares of online travel company Kayak Software Corp. (KYAK) surged in their trading debut on the Nasdaq Friday, following a successful initial public offering.
Kayak shares are currently trading at $32.80, or 26.15% above it IPO price of $26.00, after rising as high as $34.69 earlier in the session.
Kayak priced its IPO of 3.5 million shares of its Class A common stock at $26 per share, which was above its previously estimated range of $22 to $25 per share.
In addition, the company has granted the underwriters a 30-day option to purchase up to 525,000 additional shares of Class A common stock to cover over-allotments, if any.
Morgan Stanley and Deutsche Bank Securities are acting as joint book-running managers for the offering. Piper Jaffray, Stifel Nicolaus Weisel and Pacific Crest Securities are co-managers for the offering.
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