Orbitz gives flotation details
28 November 2003
The American online travel business Orbitz has published details of its imminent share flotation on the stock market.
Four million shares will be offered to the public, raising $82.2 million for the company as it steps up its competition with larger travel sites.
Current stockholders, including some of America's largest airlines, will also sell an additional seven million shares.
In total, the company stands to gain $300 million for itself and its stockholders by pursuing its goal of flotation.
But Orbitz's statement contained words of warning for investors relishing a battle with rivals Expedia and Travelocity:
'Many of our competitors have longer operating histories, larger customer bases, more established brands and significantly greater financial, marketing and other resources than we do', the company said.
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