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Orbitz Prices Low IPO

Orbitz Worldwide Inc., a Chicago-based operator of a travel reservations website, raised $510 million through its IPO. The company priced 34 million common shares at $15 per share ($16-$18 range), which gives it an initial market cap of approximately $1.24 billion. Orbitz is a subsidiary of Travelport Ltd., which The Blackstone Group and Technology Crossover Ventures bought last year from Cendant for $4.3 billion. It later added on PE-backed Worldspan for $1.4 billion. Orbitz will trade on the NYSE under ticker symbol OWW, while underwriters included Morgan Stanley, Goldman Sachs, Lehman Brothers and JPMorgan.