World News – AU – Aussie Broadband is now a public company, $ 190 3 million market cap – TechAU

Aussie Broadband is officially a public company Trading in the company’s shares started this morning with a listing on the Australian Securities Exchange (ASX), following a public offering (IPO) oversubscribed which raised $ 40 million

As part of the IPO, 40 million shares were offered at $ 1 a share, giving the company an initial market cap of $ 190 3 million

Chief Executive Officer and CEO Phillip Britt said the $ 10 million client offer was oversubscribed and closed in 75 minutes, with more than 9,000 queues before the deal opened Existing shareholders remain heavily invested in the company and there was no liquidation during the IPO

Companies are typically listed on the stock exchange, as a means of raising capital to support plans for future growth.In the case of Aussie Broadband, it appears they are doing just that, with plans to continue moving up the ranks from their current position as the 5th largest Australian ISP

« The money collected as part of the offer will be used to accelerate the development of the infrastructure, acquire new customers and expand its commercial offer »

The successful IPO, managed by Shaw and Partners, places the company in a strong position to advance the $ 67 million deployment of its own dark fiber network, which will reduce its dependence on third-party infrastructure and ultimately will deliver significant long-term results cost savings

Phil said this is truly the next major step in putting the company in control of its own destiny

« Our own fiber in the ground is at the heart of our approach to the business. It means we can control quality and further improve our customer experience, and it means we can start reducing our link costs. »

Looking back, the company started in 2008, following a merger between Wideband Networks in the Latrobe Valley and Westvic Broadband based in Warrnambool

« We’ve come a long way with 27,000 customers in June 2017 Last month we connected our 300,000th customer – a net gain of 100,000 in just over 5 months

As an Australian company, we are committed to having only Australian help centers This sets us apart from the competition who rely heavily on overseas-based call centers, where staff generally know little. on local market conditions affecting customers

Our business has grown strongly over the past three years due to our reputation for providing high quality internet to both home, business and enterprise level, and our transparent customer service to guarantee our customers a service as transparent as possible

Our investors tell us they want to be part of a company that operates with incredibly strong ethics and values, that uniquely contributes to the Australian community and economy, that has heart and that deals good people They want to be a part of Aussie Broadband history and see their capital grow with us ”

Over the past four years, the company has grown rapidly through a combination of innovative NBN bundles at competitive prices, and the NBN has become more widely available across Australia

In fiscal 2018, Aussie Broadband saw approximately 60,000 new residential connections and generated $ 49.27 million in revenue The company predicts that in FY21, it will see revenue of $ 33810 million and approximately 368,000 residential connections

Kudos to Aussie Broadband on such an important day in their history I personally use AussieBB on a 100 / 40Mbps plan, but have experienced their 1000Mbps service I have always had reliable and fast speeds (sometimes over 100 Mbps) and it’s no surprise that they do well in Australia

About the company
techAU is your source for tech news from Australia and around the world Content covers a wide range of areas including games, hardware, software, web, social media, gadgets, phones and more

Aussie Broadband, ASX, IPO, Telecommunications