Aussie Broadband preparing for ASX listing
- 02 October, 2019 15:20
Aussie Broadband is preparing for an initial public offering (IPO) on the ASX in 2020, the telco's managing director Phillip Britt has confirmed.
The telecommunications provider is in the middle of a pre-IPO capital rising, which Britt labelled “extremely successful”.
Britt said Aussie Broadband’s pre-IPO phase has allowed for the company’s current strategy to continue.
“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,” he said.
“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 $25 million 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.”
Britt also said Aussie Broadband will not move its support offshore following the listing.
“Investors have decided to support us for good reason,” Britt said. “We have an award-winning model that includes 100 per cent 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.”
News of the listing preparation was first made public by the Australian Financial Review on 30 September.
In response, Britt said he was “disappointed” the news was revealed first in this manner.
“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.”