SYDNEY, AUSTRALIA: Serko Limited (ASX:SKO) is conducting an equity raising of up to NZ$85 million to continue to execute on its global growth strategy.
Serko plans to raise the capital via the issuance of ordinary shares in Serko by way of a NZ$75 million fully
underwritten placement and a NZ$10 million non-underwritten retail offer.
Darrin Grafton, CEO of Serko, said: “Despite the ongoing impacts of the COVID-19 pandemic on the travel industry, Serko has continued to maintain a strong market position in Australasia.
Serko will invest the proceeds in the Booking.com for global business opportunity and increase market presence in North America.
Serko is now poised to enter the next phase of growth – to scale up and progress our long-term strategy of becoming a global business travel marketplace.”
The capital raised plus Serko’s current cash balance of approximately $62 million will enable Serko to maintain a prudent working capital buffer and preserve a high level of balance sheet flexibility in acknowledgement of the ongoing risks presented by COVID-19 and other uncertainties. www.serko.com