Perth-based telecommunications provider Vonex (ASX:VN8) has finally gone public, listing on the Australian Securities Exchange (ASX) on 13 June, nearly three years after its first aborted attempt at becoming a public company.
Vonex, which had expectations to raise $7 million in an initial public offering (IPO) in March, has instead raised $6 million, the minimum subscription amount it previously flagged.
In a statement, the business said that listing the company on the ASX represents the "culmination of hard work" and support" from various stakeholders, with management believing the move will be "transformational" for the organisation.
Going forward, Vonex will now focus on investing in the expansion of the company’s business units, as well as the development of new "cutting‐edge products". Vonex has three main businesses including wholesale, telecom and development and engineering.
The retail division, Vonex Telecom, will kick start its rapid expansion plans, the company reported.
Marketing and investment in channel partners will be the focus, centring on opportunities that will exist over the next 36 months with the continued rollout of the National Broadband Network (NBN).
"The channel partner program will be expanded further to increase our presence and drive additional sales in these new [highly populated city] areas," a company statement read.
"Vonex will also commence an aggressive marketing campaign, designed to position Vonex as a smart business customer choice during the transition to the NBN."
The company is preparing to launch the Beta trial of its Oper8tor App, which allows multiple social media voice apps to "operate seamlessly together", according to Vonex.
Vonex had made previous attempts to list publicly. In July 2015, the company tried a backdoor listing through a reverse takeover of Aleator Energy Limited (ASX:AWD).
At the time, one of the three Vonex's businesses, the telecommunications, was generating $400,000 per month.
In December 2015, AWD proposed to be renamed as Vonex Limited and offered 111,111,111 shares at a $0.045 per share, hoping to raise $5 million.
However, after being questioned by the ASX over matters concerning its capital raising, the ASX determined the company be removed from official listing on 12 April 2016.
In September 2017, Vonex announced intentions to raise $8 million in its replacement prospectus with the National Stock Exchange of Australia (NSX), a stock exchange based in Sydney.
According to the company former director and current CTO, Angus Parker, Vonex raised enough money to list on the NSX, but following some reservations from some institutions, the company decided to check back with the ASX to see if they could list this time around, using the ticker VN8.