SiteMinder completes ASX listing
The SiteMinder team, with CEO Sankar Narayan, celebrates its listing on the ASX this week.

Hotel back-end rate software and open commerce platform, SiteMinder, has formally listed on the Australian Securities Exchange (ASX) after a float which saw the company valued with a market capitalisation of AUD$1.36 billion.

Following an oversubscribed Initial Public Offering (IPO) which saw a host of institutional and retail investors join increased support from existing stockholders, SiteMinder listed with slightly less than 124,000,000 shares valued at launch at AUD$5.06 per share, resulting in a total offer of AUD$627 million.

SiteMinder said the successful IPO will set the company up perfectly for long-term growth and to extend its presence in the hotel market providing back-end reservation support to more than one-million hotels with potential for improved connectivity.

SiteMinder Co-Founders Mike Ford and Mike Rogers.

While founded and headquartered in Australia by Mike Ford and Mike Rogers in 2006, the company said nearly 60% of its revenue is generated outside the Asia-Pacific region. Around 75% of subscribers are small and medium-sized businesses, including vacation rentals, lodges, motels and enterprise properties. The company recorded a total revenue for the 2020/21 financial year of AUD$101 million with annual recurring revenue of AUD$104.9 million in June 2021.

In addition to its Sydney headquarters, the company operates offices in Bangkok, Berlin, Dallas, Galway, London and Manila. SiteMinder CEO, Sankar Narayan, said in many ways, the company was just getting started.

“Today serves as yet another reminder that the world’s innovators and market leaders can emerge from Australia,” Narayan said.

“We are grateful to our people, customers, partners and investors for supporting us on our 15-year journey so far. In particular, I am thrilled with the extremely high quality of shareholders who have joined us for our journey ahead.

“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.”