The IPO offering for telco wholesale services provider, Inabox Group, has been oversubscribed, managing to raise the maximum, $3.5 million.
It begins trading on the ASX on July 12, using the ticker IAB.
“Unfortunately we had to scale back many of the applications we received but we hope investors will continue to support our company by adding to their shareholding once we start trading as well as welcoming new investors,” Inabox Group managing director and CEO, Damian Kay, said.
M2 Telecommunications (ASX:MTU) became a substantial company holder after investing $2 million through the IPO offer.
Concurrently with the IPO, Inabox has completed the acquisition of wholesale VoIP provider, iVox.
More acquisitions are on the cards for Inabox, as part of plans to continue its growth path in the telecommunications wholesale market.
It also plans to build the Telcoinabox business through expanding into new customer channels, including IT companies, dealers, resellers and international carriers. Plans also involve launching new products, such as cloud-based services and virtual private networks.
Inabox provides wholesale services to individually-branded retail service providers (RSPs).
Customers include start-ups, system integrators, managed service providers and non-traditional telcos that want to add telecommunications to their existing businesses.
It buys capacity from Telstra, Optus and AAPT and white-labels its proprietary, back-end billing, tech and customer care support systems, and resells it to customers.