Aussie Broadband confirms preparations for ASX listing
Media Release | Monday 30 Sept 2019 | 1 min read
Aussie Broadband Managing Director Phillip Britt today confirmed that the company is in the midst of a pre-IPO capital raising in preparation for listing on the ASX next year.
News of the raising was leaked to the Australian Financial Review today.
Phil confirmed that the company is aiming to list on the ASX, and that its pre-IPO capital raise has been extremely successful.
“We’re disappointed to see it leaked, as that’s not the way we do business – we prefer to be open and transparent once the deal is done,” he said.
“However, we’re happy to confirm that this is the path Aussie Broadband is taking.”
Phil moved immediately to scotch speculation that Aussie Broadband will start off-shoring its call centres or other operations.
“Investors have decided to support us for good reason,” he said. “We have an award-winning model that includes 100% Australian-based support and a premium network experience. None of that will change.“We will not be taking anything offshore – our regional based operation and automation software gives us similar cost metrics to offshore.
“Aussie Broadband has consistently shown that we can change the telco game in Australia over the last three years; it’s a philosophy that we bring to everything we do, and listing will be no different. We’re after investors who are enrolled in changing the game as well.”
Phil said the pre-IPO phase gives the company the capital to continue its strategy and bring even more products and services to the market.
“To date, we have invested heavily from our own pockets and with a small amount of debt. We’ve built the business from 18,300 to 163,000 customers in under three years and I’m incredibly proud of what we have achieved – all because we have a super-dedicated team that actually care about our customers.
“We’ve shown we can manage rapid growth and still maintain our service and experience. It’s a model we intend to continue.
“Having access to $25m in the bank certainly opens up possibilities for us to grow and expand. We have a comprehensive strategy that will be revealed over the coming months; this is just the first step.”
All information contained in this media release, including references to costs, speed, and capability of the Aussie Broadband network, was correct at time of publication, and may have since changed.
About Aussie Broadband Limited
Aussie Broadband Group is a fast-growing technology services provider – comprising of the Aussie Broadband and Symbio businesses – with a market cap of around $1 billion (AUD).
Listed on the Australian Stock Exchange (ASX: ABB), the Group collectively supplies more than 1 million services, operates two Tier 1 voice providers in Australia and owns fibre infrastructure.
The fifth largest provider of broadband services in Australia with continuing growth in the residential segment, the Group provides a broad suite of solutions through its data, voice, and managed solutions to business, enterprise and government customers. Aussie Broadband Group also provides wholesale services to other telecommunications companies and managed service providers.
For further information please visit: www.aussiebroadband.com.au