Superloop announces IPO
29 April 2015 |
Asian infrastructure provider Superloop has today announced plans to raise $17.5 million in an initial public offering (IPO) and has applied to list on the Australian Securities Exchange (ASX).
Bevan Slattery, founder and executive chairman at the company, said the announcement is the next step in Superloop’s growth strategy.
“Superloop’s initial key network assets reflect our investment philosophy, that is, to build and acquire telecommunications assets in markets of high interconnectivity density with favourable industry dynamics,” Slattery said.
At the AU$1 offer price, Superloop will have a market capitalisation of AU$90 million upon completion; with proceeds expected to be used to complete the construction of its networks in Australia and Singapore.
Superloop’s recently appointed chief executive, Daniel Abrahams, said: “We are excited about this next expansion phase for Superloop and what it will offer customers across the APAC region.”
The offer is managed and fully underwritten by Moelis Australia Advisory and Morgans Corporate, and when completed, Superloop shares are expected to begin trading on ASX in early June this year.
The company also appointed Greg Bryant as its CFO this month, and recently acquired an underground duct network in Singapore spanning approximately 120km.