Market Herald logo


Be the first with the news that moves the market
  • Serko has successfully raised $52.3 million for the global rollout of Serko Zeno
  • Zeno is an online booking tool that corporate travellers use to book flights, trains, hotels, rental cars, and airport transfers
  • Online travel giant Booking Holdings forked out $16.3 million to grab a 4.7 per cent interest in Serko as part of the placement
  • Serko is up 40.54 per cent on the ASX and is selling shares for $4.16 apiece

Serko has successfully raised $52.3 million through a share placement to support the global rollout of Serko Zeno.

The placement consisted of a $37.3 million primary issuance and a sell down by certain directors and employees of approximately $14.9 million of exisiting shares.

Under the placement, the company issued 13.7 million shares at NZ$4.04 (A$3.77) per share.

Online travel services giant Booking Holdings brought 4.3 million shares in the placement, totalling $16.3 million — which means the company, which has a US$86 billion market cap, now has a 4.7 per cent interest in Serko.

The placement was well supported, attracting bids from 25 institutional investors across New Zealand and Australia, as well as a strong participation from retail investors.

“The capital raising provides Serko with an exciting opportunity to accelerate the global rollout of Serko Zeno and expand marketplace content,” CEO Darrin Grafton said.

Serko specialises in online travel booking and expenses management for businesses.

The company’s platform, Serko Zeno, is an online booking tool. Zeno keeps business travellers connected with their organisation’s preferred suppliers from pick-up to drop-off.

While using Zeno, travellers get a wide range of travel choices at any price point. It helps with airlines, hotels, rental cars, transfers, and rails.

Darrin said he is particularly pleased with the support from a global giant like Booking Holdings.

“We would like to thank Booking Holdings for their investment in the placement and look forward to working with them,” Darrin said.

“We are also very pleased with the level of support received for the raise from new and existing investors, who invested at a 4.9 per cent premium to the closing share price on 22 October 2019, demonstrating strong support for Serko’s strategy,” he added.

Serko intends to make an additional offer of up to $4.67 million through a share purchase plan (SSP).

The SPP will be offered to all eligible existing Serko shareholders resident in New Zealand or Australia, enabling them to each subscribe for up to $14,000 of new shares.

Serko is up 40.54 per cent on the Australian Securities Exchange and is selling shares for $4.16 apiece at 2:33pm AEDT.

SKO by the numbers
More From The Market Herald
The Market Herald Video

" Betmakers Technology (ASX:BET) selected as new tote provider in Norway

BetMakers Technology (ASX:BET) has been contracted to be the new tote technology and services provider for…

" Unibail-Rodamco-Westfield (ASX:URW) rebrands three flagship centres

Unibail-Rodamco-Westfield (ASX:URW) has rebranded three flagship centres in Madrid, Stockholm and Warsaw
BetMakers (ASX:BET) - CEO, Todd Buckingham

" BetMakers (ASX:BET) OM Apps updates agreements with The Waterhouse Group

BetMakers (ASX:BET) subsidiary, OM Apps, has signed an updated agreement with two divisions of The Waterhouse…
Webjet (ASX:WEB) - CEO Webjet OTA, David Galt

" Webjet (ASX:WEB) returns to profitability after COVID-19 turbulence

Online travel booking company Webjet (ASX:WEB) sees a business turnaround for the second half of FY22…