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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news