Orbitz rides on dotcom comeback

IN FURTHER signs of a dotcom revival, online travel site Orbitz has moved its float forward to next month. The company, the third largest of its type in the US, had originally planned its initial public offering for May next year, but has joined an unexpected rush for December listings.

It is the largest of 18 internet companies planning IPOs next month. Orbitz plans to sell a 28% stake to raise $303.6m (£179.6m). The company is jointly owned by several airlines, including American Airlines-United, Northwest, Continental and Delta.

The firm, which rates third behind travel sites Expedia and Travelocity, posted a profit of $3.9m in net income on revenue of $64.4m for the three months to 30 September, its first profit since it was founded in February 2000.

Other dot com companies coming to the market in December include Ctrip.com International, a Chinese travel site and Provide Commerce, a San Diego online merchant that sells flowers fruit and vegetables and meat.