After listing on the ASX this morning Australian dark fibre network Superloop’s shares are going nuts, up more than 100% in a day.
The company ran an IPO at $1 a share. A short time ago shares tipped over the $2 mark.
Majority shareholder Bevan Slattery’s 66.67% stake has doubled in just a few hours. His shares, which totalled $60 million at IPO, are currently worth more than $120 million.
CEO Daniel Abrahams told Business Insider he was “humbled” by the share growth, which he attributed to the prospect of growth in the APAC region where the company is focusing.
He told Business Insider Superloop took a group of 30 fund managers to Singapore last week to show them the scale of the market and the density of the data centres in the area.
Superloop raised $17.5 million in its IPO and most of the infrastructure build out is largely complete. It’s Brisbane, Sydney and Melbourne networks are still being constructed and it expects to start putting customers on the infrastructure from July 1, which Abrahams said would be a “critical success” milestone.
“It’s humbling but I’m very proud to be associated with the growth opportunity in Asia Pacific,” he said.