World News – UA – Aussie Broadband presents on ASX in $ 40 million IPO

Telecommunications provider Aussie Broadband is listed on the Australian Securities Exchange (ASX) with an initial public offering of $ 40 million

CAMEROON MAGAZINE - GM16/10/20202 Mins read53 Views

Telecoms provider Aussie Broadband is listed on the Australian Securities Exchange (ASX) with an initial public offering (IPO) of $ 40 million

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

According to Aussie Broadband, funds raised during IPO will be used to accelerate infrastructure development, acquire new customers and expand its commercial product offering

« 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 » said CEO and Managing Director Phil Britt

The telecom company has been open about its takeover ambitions since last September, when the Australian Financial Review published information about the telecom company’s intention to list in 2020

The company was quick to confirm plans on its blog, saying it was in the midst of a pre-IPO fundraiser, while also appointing Brian Maher as CFO

The IPO, managed by Shaw and Partners, will now allow Aussie Broadband to advance its $ 67 million deployment of its own dark fiber network, which will reduce its reliance on a third-party infrastructure

Also in May, Aussie Broadband launched ‘Carbon’, a service that the telecom provider says can allow IT managers and Managed Service Providers (MSPs) to activate connections to sites served by NBN in a few minutes

This has helped the growth of Aussie Broadband’s customer network, which it says now covers 300,000 residential, small and large business users, making it the ‘fifth NBN service provider in Australia today’ hui «

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