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.

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