Tech unicorn SiteMinder debuts on ASX with oversubscribed AU$627M IPO

The world’s leading open hotel commerce platform, SiteMinder will commence trading on the Australian Securities Exchange (ASX) under the ticker code ‘SDR’ following an oversubscribed Initial Public Offering (IPO) of AU$627 million today. Under the IPO, 123,913,043 shares were offered at AU$5.06 per share, culminating in a total offer of AU$627 million and firming SiteMinder’s market capitalisation at AU$1.36 billion based on the IPO offer price.

Equity funds managed by BlackRock led the IPO with increased support from existing investors AustralianSuper, Ellerston Capital, Fidelity International, Pendal Group and Washington H. Soul Pattinson. Several new global institutional investors also joined leading Australian institutions in cornerstoning the IPO—including funds managed by Caledonia, GIC, UniSuper, Wellington Management, and a large global investment firm headquartered in California—together with strong demand from other reputed institutional and retail investors.

Long-term SiteMinder shareholder Bailador Technology Investments will continue as a substantial shareholder.

The successful IPO represents a significant milestone for SiteMinder, placing it in an even stronger position to pursue further growth and further extend its leadership in the large, unpenetrated hotel market of more than one million accommodation providers with significant potential for improved online connectivity.

Financial performance

The company achieved a total annual revenue of AU$101.0 million in FY2021, and a total annual recurring revenue of AU$104.9 million in June 2021. The company’s revenue remained resilient through the height of COVID-19, even as it supported its tens of thousands of hotel customers to navigate the pandemic.

Today’s IPO follows a pre-IPO funding round of over AU$100 million conducted in September, which consisted of primary and secondary capital from existing investors and the entry of Fidelity International to the shareholder group.

Although founded and headquartered in Australia, with product and engineering teams driving technical innovation in-house, nearly 60 percent of SiteMinder’s revenue is generated outside of the Asia Pacific.

“Today serves as yet another reminder that the world’s innovators and market leaders can emerge from Australia,” says Sankar Narayan, CEO and Managing Director of SiteMinder. “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.”