Kiwi firm Serko has 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.
A cloud-based technology company that provides an integrated corporate travel booking and expense management solution, Serko currently works with 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.
“Our cloud-based products make the process of booking travel and managing expenses straightforward," says Darrin Grafton, CEO, Serko.
"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.
“This is a great opportunity to participate in an exciting New Zealand-based software company with a proven product and growing revenue streams," says Simon Botherway, chairman, Serko.
"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.
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 firstname.lastname@example.org.
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.