Orbitz may raise US$617m from IPO
Online travel agency Orbitz Worldwide Inc. could reportedly raise $617 million by selling shares in its second initial public offering in four years. (7/9/2007)
The company plans to sell 34 million shares at between $16 and $18 a share, and underwriters have the option to buy an additional 5.1 million shares, Chicago-based Orbitz said Friday in a regulatory filing. The company applied for a New York Stock Exchange listing under the symbol OWW.
Should the company sell the stock at $17 a share, it will raise $535 million after subtracting costs. If underwriters led by Morgan Stanley buy the additional stock, the proceeds will total $617 million, the company said.
Goldman Sachs, Lehman Brothers and JPMorgan Chase are also arranging the sale.
Orbitz had a first-quarter net loss of $10 million on revenue of $212 million, the company said in the filing Friday.