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Telecommunications Wireless operator, BigAir, plans $10m IPO
Telecommunications Wireless operator, BigAir, plans $10m IPO | Wireless operator, BigAir, plans $10m IPO |
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| by Stuart Corner | |
| Tuesday, 01 November 2005 | |
  
42.5 percent of the company's equity will be offered in the form of 40 million 25 cents shares, giving the company an expected market capitalisation on listing of $23.5 million. The company says it will use the funds from the IPO to expand its fixed wireless broadband network - which presently covers only Sydney - into other capital city and metropolitan markets across Australia. BigAir recently completed its acquisition of Veritel Wireless which services more than 4,000 business and residential customers by reselling the services of iBurst and Unwired. BigAir also has wholesale agreements for iBurst and Unwired and says it intends to expand its sales and marketing activities for these services. The company has also expanded its board and management team with the addition of non-executive chairman Toby Tobin (co-founder of law firm Gilbert + Tobin), non-executive director Anne Lenagan (former executive director of Unilever Australia), non-executive director Shane Allan (former CEO of listed fibre optic carrier PowerTel), and executive director Ivan Hurwitz (co-founder of Veritel). The offer closes on 30 November 2005 and the company expects to list on 8 December. The lead broker to the IPO is BBY Limited. The prospectus can be downloaded from http://www.bigair.com.au/prospectus |
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