Swoop Telecommunications begins trading on the ASX
- 26 May, 2021 15:13
Alex West (Swoop)
Australian fixed wireless and wholesale network infrastructure carrier Swoop Telecommunications is set to begin trading on the ASX from 27 May using the ticker SWP.
The telecommunications player is backed by private investment group Tattarang, James Spenceley and Tony Grist, and will also be chaired by Spenceley, which witnessed a $20 million capital raising underwritten by Morgans Financial.
In February, Swoop Telecommunications and NodeOne were acquired in a reverse takeover deal worth $61.3 million by publicly listed Stemify.
The capital raise and listing will enable Swoop to further expand its infrastructure nationally in both metropolitan and regional locations, as well as provide funding for potential acquisitions to grow its products and offerings to customers, the company said.
Swoop CEO Alex West said listing on the ASX was a huge milestone for the business and will enable additional investment into its business strategy, which involves targeting regional markets with high speed fixed wireless offerings.
“Owning our own infrastructure gives us a competitive advantage,” West said.
Swoop is an amalgamation of Swoop Telecom (formerly Cirrus Communications) and NodeOne in Western Australia, making itself one of the largest fixed wireless network operators. Its ownership now stretches across 246 towers in Australia while its headcount now totals 120 employees.
“Demand for the capital raise was significant," Spenceley said. "The combination of an infrastructure rich business with both organic and acquisitive growth opportunities resonated well with investors and we’ve been able to build a strong register of supportive shareholders.”
“The listing while an important milestone is really just the start of the exciting journey ahead. We have capital, no debt and an experienced management team."