THE stocks of Sydney-based tech company SiteMinder continue to grow, last month revelling in an oversubscribed Initial Public Offering on the ASX.

The enthusiasm for the hotel commerce platform’s floatation delivered the company $627 million in new capital, with notable investors including AustralianSuper, Ellerston Capital, Fidelity International and Pendal Group.

Servicing the hotel sector with a range of digital services such as channel management, transactions, website building and booking engine optimisation, SiteMinder CEO Sankar Narayan believes its current growth trajectory is to some degree attributable to hotels needing to transform digitally faster than they ever have before.

“The need for technology like SiteMinder’s hotel commerce platform is of substantial relevance as hotels have had to digitally transform with haste [during the pandemic], while adjusting to their customers’ changing needs and behaviours,” he said.

Listing under the ticker code “SDR”, SiteMinder’s shares were offered at $5.06 each at the IPO, raising its overall market capitalisation to $1.36 billion and positioning the business to pursue further expansion activities in what is describes as “the large, unpenetrated hotel market of more than one million accommodation providers”.

The business has enjoyed a strong financial performance in recent times, recording a total revenue of $101 million for the full financial year 2021, representing 32,000 hotels across 150 countries – the majority of which are outside of the Asia Pacific.