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

 


Serko closes IPO public offer early, may scale applications

Serko closes IPO public offer early, may scale applications

By Suze Metherell

June 10 (BusinessDesk) - Serko, the online business travel booking company, has closed the retail portion of its share offer nine days early and said it may scale back public share requests after strong investor demand.

The Auckland-based company has closed the public pool component of its public offer, which opened last Wednesday and was supposed to close on June 19. It expects to list on the main board of the NZX on June 24.

Serko will allocate shares to a mixture of NZX firms, New Zealand and Australian institutions and retail shareholders, but the number of shares that public pool investors receive may be lower than the number requested, it said in a statement.

Serko will sell 15.5 million of new shares at $1.10 apiece, raising some $17 million, and a further 4.5 million existing shares worth $5 million will be sold into the offer. Founders Darrin Grafton and Bob Shaw will each retain about 20 percent and have agreed not to sell any more shares until two days after Serko announces its 2016 annual result.

Of the $17 million raised, $11.3 million will be held to fund capital initiatives and pay for the $438,000 cost of the IPO, $3.4 million will repay bank debt and $2.3 million will repay shareholder loans, according to its prospectus lodged with the Companies Office.

Serko forecasts net cash of $9.9 million at next month's listing, and anticipates spending $2.4 million in the current financial year and $2.5 million in the first half of the 2016 financial year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news