Telco Aussie Broadband officially debuted on the Australian Securities Exchange (ASX), under the symbol « ABB »
The company said its initial public offering was oversubscribed, which raised $ 40 million, or 40 million shares at $ 1 each AussieBB’s market cap is set at $ 1903 million
Managing Director Phil Britt said the funds raised will be used to accelerate infrastructure development, increase customer base and expand product offering
A particular goal is the ongoing deployment of the dark fiber network, which is expected to cost $ 67 million, to help AussieBB reduce its reliance on third-party infrastructure and achieve long-term savings.
« Our own fiber in the soil is at the heart of our approach to business, » said Britt
« This means we can control the quality and improve our customer experience even further, and it means we can start reducing our link costs »
Aussie Broadband was formed in 2008 as a result of a merger between Wideband Networks, based in Latrobe Valley (founded by Britt and John Reisinger) and Westvic Broadband, based in Warrnambool
The company said it is Australia’s fifth-largest NBN provider with 300,000 residential and business customers
“We’ve come a long way from 27,000 customers in June 2017,” said Britt “Last month we connected our 300,000th customer – a net gain of 100,000 in just over 5 months”
Aussie Broadband, ASX, telecommunications, IPO
World news – AU – Aussie Broadband is officially listed on ASX
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