Following a successful IPO, Serko shares have commenced trading on the NZX Main Board today under the ticker code ‘SKO’.
The public pool of the IPO, by which the company sought to raise $22 million, was over subscribed by 350 per cent and had to close nine days early. Following completion of the offer, the company now has around 900 shareholders, including institutions from Australia and New Zealand, clients of some NZX firms and members of the public in both countries.
The IPO was meant to provide the funds for Serko, a NZ cloud-based travel services provider, to expand into target markets in the Asia Pacific.
CEO Darrin Grafton said: “We are very pleased to reach this exciting milestone. 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.”
Chairman Simon Botherway said: “The response to Serko’s capital raising has been very pleasing. We now have a strong and diverse share register.”