July 9 (Reuters) - Software security company Palo Alto Networks and online travel service company Kayak Software Corp set the expected price ranges for their initial public offerings, prodded by a successful debut by IT software company ServiceNow Inc
ServiceNow's successful IPO could pave the way for other offerings in an otherwise sluggish global IPO market.
The company's shares soared 29 percent in their New York Stock Exchange debut last month, reawakening a market that had caught a chill from the European debt crisis and the aftermath of Facebook Inc's botched trading debut.
Global IPO proceeds slid 46 percent to $59.6 billion in the second quarter, according to Thomson Reuters data.
Palo Alto Networks on Monday said it expects to sell 6.2 million shares between $34 and $37 each. At the high end of the expected price range, Palo Alto is expected to be valued at $2.4 billion.
For the year ended 2011, the company posted a net loss of $12.5 million on a revenue of $118.6 million.
Demand for Palo Alto, which plays in the fast growing enterprise software space, is expected to be strong.
"ServiceNow shows that the appetite for fast growing tech companies in their growth cycle will be massive," said Jim Krapfel, an analyst with Morningstar. "I expect there to be good demand for Palo Alto."
The company expects to list its shares on the New York Stock Exchange under the symbol "PANW". Morgan Stanley, Goldman Sachs and Citigroup are the lead underwriters on the issue.
Kayak expects to sell 3.5 million shares between $22 and $25 each. At the high end of its expected range, Kayak is expected to be valued at $964 million.
The company was supposed to launch its IPO earlier this summer but postponed its plans due to Facebook's lackluster performance, according to a source close to the situation. Kayak faces mounting competition in the online travel sector from companies like Expedia Inc and Travelocity.
"They don't have too many value added services and most people would rather go directly to the airlines' websites for the same deal which is cheaper," said Scott Sweet, managing partner at IPO Boutique, an IPO research firm.
Kayak is backed by private equity players like General Catalyst Partners, Sequoia Capital, Accel Funds and Oak Investment Partners.
The company expects to lists its shares on the Nasdaq under the symbol "KYAK". Its offering is being underwritten by Morgan Stanley and Deutsche Bank Securities among others.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.