Online travel information platform Kayak has filed for an initial public offering (IPO) worth around $50 million.
The company, which is backed by prominent venture capital firms Sequoia Capital and Accel Partners, allows users to search for flights, holiday deals and hotels, as well as search multiple travel sites.
According to the filing, made with the US Securities and Exchange Board, Kayak Software Corp has chosen Morgan Stanley and Deutsche Bank AG to head the group of banks that will underwrite the IPO.
Bloomberg reports that the company decided to file for the IPO after the shares of India's largest online travel company MakeMyTrip increased 89 per cent when it first filed for a US IPO.
The data compiled by Bloomberg shows that IPOs released by companies backed by venture capital firms increase by 11 per cent after being launched. This year alone, 33 US-based companies backed by venture capital firms have released their IPO raising a total of $3.64 billion.