BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: KAYAK LIKELY TO RAISE IPO PRICE RANGE
When: Today, Wednesday, July 18th
Where: CNBC’s “Fast Money”
Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche today, Wednesday, July 18th on CNBC’s “Fast Money.” Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000103826.
All references must be sourced to CNBC.
MELISSA LEE: WANT TO GO TO KAYLA TAUSCHE NOW SHE JUST GOT SOME INFORMATION ON THE PRICING OF THE KAYAK IPO, KAYLA.
KAYLA TAUSCHE: MELISSA, IT IS NOT EXPECTED TO PRICE UNTIL TOMORROW NIGHT BUT I AM TOLD THAT THE PRICE RANGE COULD BE RAISED THAT RIGHT NOW THE TALK IS THAT IT WILL LIKELY BE RAISED FROM THE CURRENT RANGE OF $22 TO $25 A SHARE. KAYAK IS CURRENTLY ON THE ROAD RIGHT NOW AND THE ISSUE IS, I WAS TOLD BY SOURCES THAT THE COMPANY WAS PREVIOUSLY GOING TO RAISE AROUND $150 MILLION, AND WHAT THEY ACTUALLY SET OUT TO RAISE ON THEIR MARKETING BLITZ IS ONLY $82 MILLION SO THEY DID HAVE SOME ROOM TO RUN AS FAR AS VALUATION, THEY WERE SEEKING A LOWER VALUATION BECAUSE OF ALL THE DIFFICULTY IN THE IPO MARKET BUT THE TALK TODAY IS THAT THAT WILL GET UPSIZED. OF COURSE, LAST NIGHT WE SAW FILING THAT PALO ALTO NETWORKS, ANOTHER BIG TECH NAME, ALSO RAISED ITS IPO PRICE RANGE SO IT LOOKS LIKE THERE IS SOME THAW IN THE MARKET.
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