Software-based connectivity provider, Megaport Limited (ASX:MP1), has listed on the Australian Securities Exchange (ASX) following an Initial Public Offering (IPO) which raised of $25 million.
Megaport executive chairman and founder, Bevan Slattery, said the Board was delighted with the outcome of its recent IPO raising and excited about the future prospects of the Company in the fast-growing interconnection services market.
“The IPO funding allows us to stay independent and neutral and achieve our business goals while maintaining our company values,” he added.
“The IPO has enabled the participation of more than 3,000 investors in Megaport’s future as we strive to deliver on our vision to create a better way for networks and Cloud to interconnect."
Slattery went on to say the IPO funds would be used to complete the construction of the North American and European networks, operate and maintain those networks, hire additional sales professionals and continue to evaluate new growth opportunities, in accordance with the IPO prospectus.
Megaport chief executive officer, Denver Maddux, said the ASX listing represented a significant milestone in the growth and global expansion of the Company.
“This milestone allows Megaport to accelerate our business plans, to extend the platform deeper into existing markets, and to expand into new markets, including markets within North America, Europe, and Asia,” he said.
Megaport has been admitted to the official list of ASX Limited and quotation of its securities will commence at 10.30am AEDT on December 17, 2015.