IT Brief New Zealand logo
Story image

Bang a gong, get it on, Serko...

24 Jun 2014

Serko has this morning commenced trading on the NZX Main Board, under the ticker code ‘SKO’.

The growing Parnell-based firm sought to raise $22 million at $1.10 per share from its initial public offer (IPO) and has been overwhelmed by the strong investor support, which saw the public pool component of the retail offer over-subscribed by 3.5x (350%) and close nine days early.

After scaling and completion of the offer, Serko has around 900 shareholders including institutions from both Australia and New Zealand, clients of some New Zealand NZX Firms and members of the public in New Zealand and Australia.

A Kiwi-based cloud 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, Serko started its life on the NZX Main Board at 11am this morning.

“We are very pleased to reach this exciting milestone," says Darrin Grafton, CEO, Serko. "We greatly appreciate the support and confidence of our new investors.

"We are now moving forward with our plans to expand our existing business into new markets and develop new products that will help corporations run more cost effective travel programmes for their employees.”

Serko was advised by investment bank Cameron Partners, who was the lead manager of the IPO, which will provide the funding to enable the company to accelerate its market and product expansion into the Asia Pacific target markets.

“The response to Serko’s capital raising has been very pleasing," adds Simon Botherway, Chairman, Serko. "We now have a strong and diverse share register.”