Travel Software Firm Serko to Raise NZ$55 Million in New Equity
01 October 2020 - 6:31AM
Dow Jones News
WELLINGTON, New Zealand--Travel-booking software company Serko
Ltd. said it plans to raise up to 55 million New Zealand dollars
($36.4 million) from the sale of new shares as it seeks to ride out
a travel slump brought on by the coronavirus pandemic.
The company, whose shareholders include the owner of
Booking.com, is aiming to raise NZ$45 million from institutional
investors and NZ$10 million from retail investors, it said
Thursday.
The shares in the institutional placement are offered at a floor
price of NZ$4.35, which is a 3.5% discount to the last closing
price.
Serko, which has cash reserves of NZ$33.6 million, forecast
monthly cash losses of NZ$2 million to NZ$4 million over the
remainder of its current financial year.
It said the fundraising will allow it to take advantage of
growth opportunities when international travel returns to more
normal levels.
Write to Stephen Wright at stephen.wright@wsj.com
(END) Dow Jones Newswires
September 30, 2020 16:16 ET (20:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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