旅游搜索引擎服务商Kayak暂缓IPO

    一项更大的风险是如果谷歌等搜索引擎改变搜索算法、引导人们使用它们的（而不是Kayak的）旅游服务，Kayak将何去何从。该公司在提交的文件中称，如果这种情况发生，“我们吸引广告投放的能力将受到负面影响”。

    巴德表示，Kayak有资本可以等待合适的IPO时机。他说，“这家公司现在并不急缺资金。他们没有债务。不需要筹资来扩大业务。”为Kayak提供融资的风险投资人可能希望推进IPO，将投资全部或部分兑现。“他们有一个估值，即管理层和风险投资认可的业务价值。但是如果要在当前的市场中完成IPO，必须要将折价幅度扩大一倍或两倍。”巴德说，“现实的问题是在Facebook吓坏了投资者后，如何获得应有的估值。”

    译者：早稻米

    An even bigger risk is if search engines, such as Google, change their search algorithms to direct people to their own travel services rather than Kayak's site. If this happens, "our ability to attract advertising dollars could be negatively impacted," the company said in the filing.

    Bard says Kayak can afford to wait for its IPO. "This is a company that is not in dire need of capital. They don't have debt. They don't need to raise capital to grow the business," he says. Venture capitalists, who funded Kayak, are likely the ones pushing the IPO so that they can cash out all or part of their investment. "They have a certain valuation that management and the VCs think the business is worth, and to get that done in this market, they would have to double or triple the discount in this environment," says Bard. "The real issue is getting the valuation after Facebook scared off investors."