It’s taken them 21 months to get things organized, but travel website Kayak’s flotation plans finally seem to be back on track following the announcement of its IPO. Early Monday, Kayak updated its S-1, saying that it hopes to be able to raise a total of $100.6 million after setting its price range at $22 to $25 a share. Previously, Kayak had stated that it hoped to raise $50 million on its IPO.

The news follows a solid start to the year for Kayak, who plans to go public on the NASDAQ stock exchange. At the same time it announced its IPO, the company also released its latest financials, covering the first quarter of this year. Kayak revealed total revenues of $73.3 million (up 39% on the year before), profiting to the tune of $8.1 million, which represents an increase of 174% on the previous year’s profits.

Kayak said that for the most recent quarter, ending June 30, its expecting revenues of around $74.5 to $76 million, which would represent growth of between 31% and 34% on the year before. Total income from the second quarter is expected to grow to around $14.4 million, up 151%.

And the reason for all this outstanding growth? Quite simply, more people than ever before are now using Kayak to book their travels. It was revealed that more than 310 million user travel queries were processed by Kayak during the first quarter of this year, a rise of 45% on 2011. Part of this success is no doubt down to mobile bookings, evidenced by the 3 million downloads of its mobile app during the first quarter.

Kayak is in the right place at the right time, industry wise. The online travel sector continues to grow at an astonishing rate, generating a total $284 billion worldwide in 2011, a number that will almost certainly grow by the end of this year. However, Kayak still face some risks, due to its dependency on online travel suppliers and agencies, who can choose to drop Kayak at any time – for instance if they decide that Kayak’s fees are just too much.

Even so, it appears as if Kayak are confident about what the future holds. The company had delayed announcing its IPO on a couple of occasions already, no doubt concerned by the dismal showing of Facebook, and the mixed results of others who have gone public, such as LinkedIn, Zynga and Groupon.