Corporate travel software firm Serko plans to float on the stock exchange and raise up to 22 million dollars at $1.10 a share to fund expansion plans.
The Auckland technology company is aiming to raise $17 million through a share float, with the option of raising another $5 million from existing shareholders, if the offer is oversubscribed.
The firm is owned by founders Darrin Grafton and Bob Shaw and a group of private equity partners. It handles more than $5 billion dollars in travel spending across the Asia Pacific each year.
The company expects revenue to rise from $6.7 million this year to about $11 million in 2015, but because Serko is still growing, gross earnings are forecast to be in the red to the tune of $5.5 million.
Serko says it should break even by the end of March 2016.
The offer is expected to open on 4 June.