Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Serko Seeks Initial Public Offering of $22 million

MEDIA RELEASE
26 May 2014


Serko Seeks Initial Public Offering of $22 million

Auckland, New Zealand. 26th May, 2014 - Serko Limited (Serko) announced its initial public offering in Auckland today. The online corporate travel booking and expense management company plans to list on the NZX Main Board to fuel its growth ambitions. Serko will issue $17 million of new shares and existing equity holders have offered to sell a further $5 million of shares.

Serko is a cloud-based 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 offer, at $1.10 per share, is expected to open on 4 June 2014. Serko has registered a prospectus, and approved an investment statement, each dated 26 May 2014. Once the offer is open the investment statement and the prospectus will be available to download from www.serkoshareoffer.co.nz, as well as being available in hard copy from Serko and Link Market Registry Services. The offer will be open to both New Zealand and Australian investors.

CEO Darrin Grafton said: “Our cloud-based products make the process of booking travel and managing expenses straightforward. We have spent the past 7 years developing a robust technology solution that streamlines travel booking, assists travellers and supports the management of what is, for most corporations, their second biggest cost category. We have built a blue chip user base, primarily in Australia. We’re now seeking additional capital to expand our reach into new markets across Asia Pacific and potentially beyond. In addition, we will accelerate the development of a number of new products.”

As previously announced, Serko’s board of directors is led by Simon Botherway as independent chairman (New Zealand), as well as Claudia Batten (USA) and Clyde McConaghy (Australia) as independent directors. They serve alongside executive directors and co-founders Darrin Grafton, chief executive, and Bob Shaw, chief strategy officer.

Chairman Simon Botherway says: “This is a great opportunity to participate in an exciting New Zealand-based software company with a proven product and growing revenue streams. The timing is right for Serko to raise additional funds to accelerate its growth plans.”

Serko’s financial adviser and organising participant is investment bank Cameron Partners Limited.


Further information about the offer
The share offer is open to institutional investors, clients of NZX Firms and retail investors in both New Zealand and Australia.

From today, investors can pre-register their interest in the offer by sending an email to invest@serko.com. Once the offer is open (expected to be 4 June 2014) potential investors will be able to submit their application form online or otherwise in accordance with the instructions.

The minimum application is for $1,100 (being 1,000 shares). The offer closes at 5.00pm on Thursday, 19 June 2014 and Serko expects that its shares will be quoted on the NZX Main Board from Tuesday, 24 June 2014. Future announcements through NZX will be released under ticker code SKO.

Application has been made to NZX Limited for permission to list Serko and to quote its shares on the NZX Main Board and all of the requirements of NZX relating to that application that can be complied with on or before the date this media release have been duly complied with. However, NZX accepts no responsibility for any statement on this media release. The NZX Main Board is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Markets Act 1988.


About Serko
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.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news