Join our daily newsletter At The Bell to receive exclusive market insights
- Australian tech firm SiteMinder (SDR) has begun trading on the ASX today, with shares jumping up 35 per cent within minutes of trading
- The IPO issued more than 123.9 million shares at $5.06 each, raising $627 million and offering an implied market capitalisation of $1.36 billion
- SiteMinder, which was launched in Australia in 2006, is an open hotel commerce platform founded by Mike Ford and Mike Rogers
- Despite being created and based in Australia, approximately 60 per cent of SiteMinder’s income is earned outside of Asia Pacific
- Shares in SiteMinder (SDR) finished the day up 38.5 per cent to $7.01 each
Hotel commerce platform SiteMinder (SDR) began trading on the ASX today following an oversubscribed $627 million initial public offering (IPO).
The IPO issued more than 123.9 million shares at $5.06 each, raising $627 million in the process and offering an implied market capitalisation of $1.36 billion.
Today’s market debut follows a pre-IPO investment round of more than $100 million in September, which included primary and secondary capital from current investors as well as the addition of Fidelity International to the shareholder group.
SiteMinder, which was launched in Australia in 2006, is an open hotel commerce platform that links travel industry operators to the backend of bookings made across online platforms.
Despite being created and based in Australia, approximately 60 per cent of SiteMinder’s income is earned outside of Asia Pacific.
The IPO was spearheaded by equity funds administered by BlackRock, with additional backing from existing investors AustralianSuper, Ellerston Capital, Fidelity International, Pendal Group and Washington H. Soul Pattinson.
Several new global institutional investors, including funds managed by Caledonia, GIC, UniSuper, Wellington Management and a large global investment firm headquartered in California, joined leading Australian institutions in backing the IPO, along with strong demand from other institutional and retail investors.
Bailador Technology Investments, a long-term SiteMinder stakeholder, will remain a significant shareholder.
SiteMinder managing director and CEO Sankar Narayan said the float serves as a reminder that the world’s innovators and market leaders can emerge from Australia.
“In particular, I am thrilled with the extremely high quality of shareholders who have joined us for our journey ahead,” he said.
“These include many of the biggest and most knowledgeable global and Australian giants in the investment world, to add to the very strong endorsement from our high quality existing investors.”
SiteMinder earned $101.0 million in total annual revenue in FY2021 and $104.9 million in total annual recurring revenue in June 2021. The group’s loss after income tax was $121.8 million in FY21, up from $4.9 million at the end of June 2020.
Shares in SiteMinder (SDR) finished the day up 38.5 per cent to $7.01 each.
