Former CRN Fast50 winner Vonex will seek to raise up to $8 million by listing on the National Stock Exchange via a prospectus.
The Perth-based telco is set to put up to 80 million new shares on offer for 10 cents each. The offer includes a minimum subscription to raise $2 million, with a maximum of $5 million and the option to accept an additional oversubscription of a further $3 million.
The company said in its prospectus that funds will be used to "aggressively market the existing suite of Vonex branded and white label products" through its channel, which includes partners such as Inabox, Logicall and CommChoice.
Vonex will set aside $1 million to repay historical debt, $100,000 for IP and patent protections and between $500,000 and $2 million to develop the retail and wholesale business depending on the offers success.
If oversubscribed, Vonex will put $2.5 million towards ongoing working capital, and $1.8 million towards developing its Oper8tor application. Oper8tor is a multi-platform communications app that consolidates social applications into a single app, that will be commercialised through in-app advertising and premium features. The app is currently in alpha development, and will enter the beta phase if additional funds are raised through the prospectus.
Vonex's primary revenue source comes from its retail business as a full-service telco including mobile, internet, business phone systems and hosted PBX. The company's wholesale business offers a white-label PBX product to clients.
Vonex took the top spot in the CRN Fast50 in 2014, growing revenue 232 percent that year to reach $3.7 million.
The NSX is an alternate stock exchange based in Sydney which Vonex said would give the company access to Australian and global sophisticated markets.
Vonex's public share offer will close on 15 September. The company expects to list on the exchange the following week.