Aussie Broadband to chase ASX listing next year

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Aussie Broadband to chase ASX listing next year
Aussie Broadband's Phillip Britt (Credit: Internet.asn.au)

Raises $25m pre-IPO.

Aussie Broadband is preparing to list on the Australian Securities Exchange (ASX) next year.

Managing director Phillip Britt confirmed a report by the Australian Financial Review’s Street Talk column of the impending initial public offering (IPO) and a pre-IPO capital raise of $25 million.

Britt said he was “disappointed” to see the company’s plans get leaked.

“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.”

Aussie Broadband has grown its customer base from 18,300 to 163,000 in just under three years.

It has recently undergone a sizable network upgrade to meet its future growth plans.

Britt said that the business to date had been funded “from our own pockets and with a small amount of debt.”

He said plans for the pre-IPO capital that the company had raised would be announced in coming months.

“Having access to $25m in the bank certainly opens up possibilities for us to grow and expand,” he said.

“We have a comprehensive strategy that will be revealed over the coming months; this is just the first step.”

Britt said that an ASX listing would not see the company alter its strategy or offshore any of its operations.

“We have an award-winning model that includes 100 percent Australian-based support and a premium network experience,” he said.

“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.”

Britt said the company was keen to attract investors “who are enrolled in changing the game” in telco, just as he saw Aussie Broadband doing to date.

Aussie Broadband has been a strong regulatory voice in the telecommunications market, advocating change in the way NBN plans are priced, and providing more transparency than most around NBN service performance.

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