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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news