Aussie Broadband plots ASX listing next year

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Aussie Broadband plots ASX listing next year

Aussie Broadband has revealed plans to list on the Australian Securities Exchange next year.

Responding to a story in the Australian Financial Review’s Street Talk, managing director Phil Britt confirmed the report on web forum Whirlpool, saying the telco is finalising a $25 million capital raising to prepare for the initial public offering slated in 2020.

“We are disappointed that it's been leaked to the media as that's not the way we do business. We would love to know the source!” Britt said.

The intention to go public is to give the telco capital to maintain its current operations and bring more offerings to the market. “To date, we have invested heavily from our own pockets and with a small amount of debt,” Britt said.

“People will formulate their own opinions on this but having access to $25 million in the bank certainly opens up lots more possibilities for Aussie to expand and grow,” he added.

“We have a comprehensive plan that will all be revealed over the coming months. This is just the first step in that plan.”

Britt said investors have bought into Aussie Broadband’s model, including its 100 percent Australia-based support and network experience, and does not expect any changes on that front.

“We will not be taking anything offshore, our regional-based operation and automation software gives us similar cost metrics to offshore,” he added.

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