Perth-based telco, Vonex, is taking aim at the National Stock Exchange of Australia (NSX), a stock exchange based in Sydney, revealing its intentions to raise $8 million in its replacement prospectus.
The company was delisted from the Australian Securities Exchange (ASX) in April last year after enquiries were made into the company’s capital raising in its replacement prospectus in December 2015. The ASX found the company’s responses were unsatisfactory and led to their delisting.
At that time, Vonex was involved in a reverse takeover with another WA-based company called Aleator Energy, which was rebranded as Vonex and focused on becoming a telecommunications entity.
Using the ticker, VON, the company said an NSX listing would provide access to Australian and global capital markets and subject it to improved transparency and a robust corporate governance environment.
The company has also indicated that it may require additional financing on top of the IPO, as it has operated at a loss for the past three financial periods with losses totalling $20.68 million. It is also carrying $3 million in net liabilities.
Vonex is made up three core units including Vonex Wholesale, which offers PBX white label services to ISPs, carriers and cloud service providers; a retail division called Vonex Telecom and a development and engineering department. It counts more than 400 channel partners on its books.
Vonex is currently developing its Oper8tor App that allows users to talk to others across multiple platforms and apps, and plans to do a soft launch of the product into the European market.
Being an NBN retailer, it is also anticipating growth within the VoIP space.
In its prospectus, Vonex highlighted key factors that it will depend on to meet its objectives including continuing to develop and enhance its products; recruiting the right staff; and gaining new wholesale and retail customers.
Furthermore, it is also on the lookout for potential acquisitions to help achieve its goals.
“The success of Vonex depends on being able to keep up with the latest technological progress and to develop or acquire and integrate new technologies into its existing business,” Vonex stated.
“The telecommunication business continues to grow year-on-year organically and will continue to benefit from the NBN rollout, demonstrating an increase in demand for technologies offered via Vonex PBX and the key opportunity to accelerate this growth.”