SiteMinder’s shares were offered at $5.06, giving a total offer of $627 million and a market capitalisation of $1.36 billion.

SiteMinder opened at $6.75 and closed at $6.885 for a market capitalisation of $1.85 billion. Almost 10 million of the 124 million shares had changed hands.

The IPO was led by BlackRock and supported by existing investors AustralianSuper, Ellerston Capital, Fidelity International, Pendal Group and Washington H. Soul Pattinson.

New investors included funds managed by Caledonia, GIC, UniSuper, and Wellington Management, as well as other institutional and retail investors. Long-term SiteMinder shareholder Bailador Technology Investments is still a substantial shareholder, according to the company.

Although SiteMinder was founded and is headquartered in Australia, nearly 60% of its revenue comes from outside of the Asia Pacific region.

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

“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.”

He added “In many ways, we’re just getting started. We are very excited to have taken this step, which represents the next stage of the SiteMinder business and our ongoing evolution.

“The global hotel industry has experienced evolution like never before in recent times. The need for technology like SiteMinder’s hotel commerce platform is of substantial relevance as hotels have had to digitally transform with haste, while adjusting to their customers’ changing needs and behaviours.”