Serko Limited (Serko) announces its shares will commence trading on the NZX Main Board at 11am today (NZST) under the ticker code ‘SKO’.
Serko sought to raise $22.0 million at $1.10 per share from its initial public offer (IPO) and has been overwhelmed by the strong investor support, which saw the public pool component of the retail offer over-subscribed by 3.5x (350%) and close nine days early. After scaling and completion of the offer, Serko has around 900 shareholders including institutions from both Australia and New Zealand, clients of some New Zealand NZX Firms and members of the public in New Zealand and Australia.
Serko is a New Zealand-based cloud technology company that provides an integrated corporate travel booking and expense management solution to approximately 6,000 corporations and government agencies across the Asia Pacific region.
The IPO will provide the funding to enable Serko to accelerate its market and product expansion into the Asia Pacific target markets.
CEO Darrin Grafton said: “We are very pleased to reach this exciting milestone. We greatly appreciate the support and confidence of our new investors. We are now moving forward with our plans to expand our existing business into new markets and develop new products that will help corporations run more cost effective travel programmes for their employees.”
Chairman Simon Botherway said: “The response to Serko’s capital raising has been very pleasing. We now have a strong and diverse share register.”
Serko was advised by investment bank Cameron Partners, who was the lead manager of the IPO.
Serko is an award winning online travel booking company for businesses and government agencies. With its HQ in Auckland New Zealand, and with offices in Sydney Australia, Xi’an City China and Gurgaon India, Serko employs more than 90 people.
Serko Online is an online booking engine used by corporate administrators and travellers to book flights, accommodation and car hire from the broadest possible set of travel providers. The engine ensures that travel bookings comply with corporate travel management policy without limiting the users’ choice of travel provider.
Serko is part of the Mundi Global Alliance that provides corporations with the ability to book air travel, car hire and hotels anywhere in the world. Working with the best-in-class local providers in the USA and Europe Mundi is a ‘global’ travel provider for multi-national organisations.