Financial Accounting Blog

Saturday, November 29, 2003

Planned Orbitz IPO Could Net Over $300 Million . Another indicator that IPOs are picking up....

"Orbitz Inc., the No. 3 online travel site, Wednesday set the terms of its long-awaited initial public offering, indicating the deal could gross nearly $304 million for the company and shareholders.

Orbitz, which allows customers to make reservations for airlines, hotels, cruises and rental cars through its Web site, said 11 million class A common shares will be sold to the public for $22 to $24 apiece.

It will sell 4 million shares and stockholders will sell 7 million, the Chicago-based company disclosed in a filing with the Securities and Exchange Commission.

Rich Muny