I'm pretty bullish on this. The selldown is expected for a company like this, especially TCV who have been invested in Siteminder for years and their fund has come to an end (ie, they need to divest).
Lots of upside here - 12.5xARR is well below peer multiples, plus the business is positioned v well to capitalise on the reopening trade.
I expect the SaaS segment of sales still has a long way to run as they roll out their various strategies (still plenty of the market they can tap).
I would not be surprised in a ~20+% pop on day 1 (and BTIs trading at the moment suggests the market sees the same)
Ann: SiteMinder IPO - Priority Offer Now Open, page-12
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Last
$1.04 |
Change
-0.020(1.90%) |
Mkt cap ! $153.7M | |||
| Open | High | Low | Value | Volume |
| $1.06 | $1.06 | $1.04 | $106.5K | 102.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 25000 | $1.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.06 | 11448 | 2 |
View Market Depth
| Last trade - 15.49pm 17/06/2025 (20 minute delay) ? |
| BTI (ASX) Chart |