Serko shares jumped 29 per cent when trading resumed after institutional investors clamoured to buy into the travel management software developer after it emerged booking.com's owner was backing the firm.
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The shares rose 98 cents to $4.40 with 4.5 million shares traded at 3pm, well up on its 37,000 daily average over the past three months.
Serko sold $40 million of new shares at $4.04 apiece, and shareholders including chief executive Darrin Grafton and chair Simon Botherway sold a further $16m into the placement, which was oversubscribed and subject to scaling. That included Booking Holdings buying a 4.7 per cent stake for $17.5m. Booking would also help offer and promote Serko's Zeno travel management platform.
A share purchase plan will be offered to existing shareholders to raise a further $5m, at either the placement price or the five-day volume-weighted average price, whichever is lower. Serko said it thought the plan would cater to the majority of non-institutional investors.