Kayak Said to Postpone IPO Plans on Facebook Tumble

Kayak would have been the first U.S. Internet offering since Facebook went public in the biggest research IPO on record this month. The social network dropped 24 percent through Tuesday since its market debut, extending its losses in the worst-performing large IPO in the past decade. Investors are pummeling the stock amid questions about Facebook’s growth and how underwriters managed the share sale.

ServiceNow Inc., an IT cloud-computing services company, and Palo Alto Networks Inc., an Internet security company, both planning IPOs led by Morgan Stanley, are on track to go public, said people familiar with the situation. Pen Pendleton, a spokesman for Morgan Stanley, declined to comment.

Mike Haro, a spokesman with Palo Alto Networks, and Rhett Glauser, a spokesman with ServiceNow, didn’t suddenly respond to requests for comment. Jessica Casano-Antonellis, a spokeswoman for Kayak, declined to comment.

Facebook’s investors are concerned about the company’s prospects afterwards first-quarter profit decreased on slowing sales growth, and some shareholders have filed lawsuits alleging that the biggest social network and its underwriters overpriced the stock at $38 a share. At that price, Facebook had a higher price-to-revenues multiple than 99 percent of the Standard & Poor’s 500 Index.

Kayak first filed to go public in November 2010 and put its plans on hold before this year because of choppy market conditions. The company said this month it posted a profit of $4.15 million in the quarter that ended March 31, compared with a loss of $6.91 million in the year-before period. Revenue rose 39 percent to $73.3 million.

Research In Motion Ltd., the struggling maker of the BlackBerry smartphone, fell afterwards forecasting an operating loss for . . .