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Orbitz Reaction is mixed
The good news for Orbitz: Their public offering raised more than expected. The bad news: They were not exactly greeted with the enthusiasm of prior dot.com offerings. In one of the most anticipated initial public offerings of the year, Orbitz last month (December) raised $316.7 million, which Reuters said was more than expected. But “investors appeared to be more cautious this time around with a dot.com stock, especially one with the familiar ring of unpredictability,” wrote Colin Haley of www.internetnews. The Associated Press said Orbitz Inc. made a “roller coaster debut” with shares initially surging before finishing its first day below the initial public offering price of $26 per share. The AP reported IPO activity has paled since earlier days when dot.coms were snatched up by frenzied investors. About 50 dot.coms went public last year, compared to 406 in the year 2000, according to the AP. “Analysts say online travel is lucrative but there are substantial risks over the long haul, as evidenced by Orbitz’s struggle to become profitable,” wrote AP. The news service also noted, however, that Orbitz had posted a net income of $3.9 million in the third quarter, according to its prospectus.
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