Australian dark fibre network Superloop will today list on the Australian Stock Exchange after raising $17.5 million in its IPO.
With PIPE Networks co-founder Bevan Slattery and iiNet founder Michael Malone on the board, the company is aiming to become an independent provider of high speed data services in the Asia Pacific Region.
Under the offer, about 59.5 million shares were sold at $1 each. Slattery retained his majority shareholding of 66.67% and upon completion the company was expected to have a market cap of about $90 million.
Slattery said the IPO had attracted 2,300 investors and would help the company establish itself as an independent provider of connectivity services across the APAC region.
He said the funds would be used to complete the construction of the Australian and Singapore networks, operate and maintain those networks, hire additional sales professionals and continue to evaluate new growth opportunities. The company is also eyeing off Hong Kong as a potential market to expand into.
Superloop CEO Daniel Abrahams said with the IPO now complete management can focus on customers and commissioning networks.
Launched in 2014, Superloop is an infrastructure provider of dark fibre connectivity services to large network providers and enterprises operating in the Australian and Singapore markets. The company’s first assets include a 15-year exclusive right to a 130 kilometre fibre network within Brisbane, Sydney and Melbourne, connecting many of the key data centres within those metropolitan areas.
The company has also recently acquired a strategic underground duct network spanning approximately 120 kilometres in the Asian telecommunications hub of Singapore and is currently rolling out its fibre optic network.
“Superloop remains on track to achieve its planned ‘network live’ milestone during the third quarter of 2015 for its initial core networks in Australia and Singapore,” Abrahams said.