????社交網(wǎng)站Facebook IPO慘敗，股價現(xiàn)已破發(fā)27%，這嚇倒了其他正在籌劃上市的公司。目前，總部位于康涅狄格州諾沃克的旅游搜索引擎服務(wù)商Kayak準(zhǔn)備暫緩IPO計(jì)劃。

????據(jù)一位了解狀況的人士稱，Kayak原計(jì)劃在五月底美國陣亡將士紀(jì)念日（Memorial Day）前后啟動面向大型投資者的路演。但Facebook破發(fā)、美國就業(yè)數(shù)據(jù)疲弱和不斷升級的歐債危機(jī)令投資者無心于IPO新股，尤其是互聯(lián)網(wǎng)IPO。

????“無疑，F(xiàn)acebook給美國IPO市場以沉重打擊。”位于康涅狄格州格林威治的IPO研究和投資管理公司Renaissance Capital LLC的研究總監(jiān)保羅?巴德說，“加上大盤探底，IPO環(huán)境愈發(fā)嚴(yán)峻和險惡。”因此，他說，越來越多的投資者對IPO甚至連聽都不想聽。晨星（Morningstar）股票分析師蘇丹（音譯）表示同意，并指出歐洲經(jīng)濟(jì)舉步維艱和美國經(jīng)濟(jì)陰晴不定也是原因之一。

????讓投資者更加不安的是Groupon、Zynga等其他互聯(lián)網(wǎng)公司的股價也已破發(fā)。巴德說：“當(dāng)投資者不能從IPO中賺錢，他們就不再買入。如果上市第一天就要虧錢，誰會愿意投資新股呢？”IPOScoop.com創(chuàng)始人約翰?菲茨吉本表示：“必須要有賺錢效應(yīng)，才能讓IPO市場轉(zhuǎn)起來?！?/p>

????Kayak發(fā)言人杰西卡?卡薩諾-安東內(nèi)利斯說，她在此前的聲明中已表明，Kayak正在“等待市場狀況達(dá)到我們的要求”，除此之外，她不發(fā)表任何評論。

????Facebook主承銷商摩根士丹利（Morgan Stanley）牽頭本次Kayak 的IPO，可能也讓事情更糟。但是，巴德說，他不認(rèn)為Facebook破發(fā)會損害摩根士丹利長期以來在IPO領(lǐng)域的口碑?！拔艺J(rèn)為，一項(xiàng)交易不足以破壞聲譽(yù)?！卑偷抡f，“摩根士丹利經(jīng)驗(yàn)豐富，成績彪炳，幫助公司上市的能力備受稱頌，特別是在科技領(lǐng)域?！蹦Ω康だ陌l(fā)言人潘?彭德爾頓拒絕對此發(fā)表評論。

????Kayak的上市已籌劃了一段時間。Dealogic的數(shù)據(jù)顯示，Kayak首次遞交上市申請是在近19個月前（2010年11月17日）——這幾乎是其他美國公司平均等待時間的4倍還多?！叭绻鸎ayak今年3、4月份上市，可能還會表現(xiàn)不錯，當(dāng)時市場對科技股的熱情高漲?！卑偷抡f。

????現(xiàn)在的問題是Kayak是不是過于謹(jǐn)慎，對Facebook的失敗反應(yīng)過度了？

????The Facebook IPO debacle, which has seen the social network's shares tumble 27% below its IPO price, has spooked other companies planning to go public, with at least one, Kayak Software Corp., putting its IPO plans on ice -- at least for now.

????Kayak, an online travel listings site based in Norwalk, Conn., had planned to kick off its roadshow to hype its public offering to large investors around Memorial Day, according to someone familiar with the situation. However, the fallout from Facebook (FB), weak job numbers and the European debt crisis have shaken investor appetite for new listings, especially in the internet sector.

????"There's no question that Facebook dealt a blow to the IPO market in the U.S.," says Paul Bard, director of research at Renaissance Capital LLC, a Greenwich, Conn., IPO research and investment management company. "And with the broader market cratering at the moment, it's creating a very challenging and more ominous environment for IPOs," says Bard. As a result, he says there are fewer investors willing to even take a look at an IPO. Morningstar (MORN) equity analyst Dan Su concurs, citing faltering European and shaky U.S. economies.

????Fueling investor anxiety further is the fact that other internet IPOs, such as Groupon (GRPN) and Zynga (ZNGA), are trading below their IPO prices. "When investors are not making money on IPOs, they go on strike. Who wants to invest money in a new company if they're going to lose money on day one?" says Bard. "You need the wind at your back to get the IPO market going," adds John Fitzgibbon, founder of IPOScoop.com.

????Jessica Casano-Antonellis, a Kayak spokesman, said she could not comment beyond an earlier statement in which she said Kayak is "waiting for market conditions to meet our requirements."

????It doesn't help matters that Morgan Stanley, who handled the Facebook IPO, is also leading the Kayak offering. However, Bard says he doesn't believe the Facebook flop has damaged Morgan Stanley's reputation in the IPO space in the long-term. "At the end of the day, I don't think one deal is enough to derail a reputation," Bard says. "Morgan Stanley is one of the most seasoned and proven investment banks and well-respected in their ability to bring companies public, especially in the technology space." Pen Pendleton, a Morgan Stanley spokesman, declined to comment.

????Kayak's decision to enter the public arena has long been in the planning. It first filed to go public almost 19 months ago -- Nov. 17, 2010 -- which is almost four times longer than the 152 days that other U.S. companies have waited on average, according to Dealogic. "They probably would have been better off if they went public in March or April when there was a lot of interest and excitement around technology stocks," says Bard.

????The question now, is Kayak being overly cautious and perhaps overreacting to the Facebook fallout?