Fixed wireless and wholesale network infrastructure carrier Swoop Telecommunications is set to debut on the Australian Securities Exchange on 27 May after completing a capital raise.
The company will trade under the ASX code SWP to complete the company’s $61.3 million reverse takeover from Stemify Ltd.
Swoop said the capital raise related to the float experienced “significant” demand, with the raise oversubscribed 15x to $20 million.
Both the ASX listing and capital raise would enable Swoop to further expand its infrastructure nationally in both metropolitan and regional locations, as well as fund potential acquisitions.
“Listing on the ASX is a huge milestone for the business and will enable additional investment into what is already one of Australia’s largest fixed wireless networks with 246 towers across the country,” Swoop chief executive Alex West said.
“The listing will enable us to service even more customers, especially those in regional areas, across Australia.”
Joining in the capital raise among the retail and institutional investors are Swoop chair James Spencely, known as a co-founder of Vocus and recently the chairman of Airtasker, and Swoop director Tony Grist, who subscribed for $4 million at the listing price.
Speaking on the IPO’s demand, Spenceley said, “Demand for the capital raise was significant. 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, most of whom were important contributors on the Vocus journey, who are ready to take the business to the next level.”
Swoop in its current incarnation is the combination of Swoop Telecom - formerly Cirrus Communications - and WA-based wireless infrastructure provider NodeOne.