Monday, 30 September 2019 17:42

Aussie Broadband readies for IPO

By
Aussie Broadband managing director Phillip Britt Aussie Broadband managing director Phillip Britt

RSP Aussie Broadband is raising capital ahead of listing on the ASX in 2020.

Aussie Broadband managing director Phillip Britt confirmed that the company is currently raising capital in preparation for listing on the ASX next year.

Referring to a report in the Australian Financial Review today, Britt said “We’re disappointed to see it [the capital raising] leaked, as that’s not the way we do business – we prefer to be open and transparent once the deal is done.

“However, we’re happy to confirm that this is the path Aussie Broadband is taking.”

Britt talked up the company's current strategy and denied suggestions that an IPO could lead to offshoring.

“Investors have decided to support us for good reason,” he said. “We have an award-winning model that includes 100% Australian-based support and a premium network experience. 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.

“Aussie Broadband has consistently shown that we can change the telco game in Australia over the last three years; it’s a philosophy that we bring to everything we do, and listing will be no different. We’re after investors who are enrolled in changing the game as well.”

The new funding will be used to support the strategy and launch additional products and services.

“Having access to $25 million in the bank certainly opens up possibilities for us to grow and expand. We have a comprehensive strategy that will be revealed over the coming months; this is just the first step.”

Britt pointed out that Aussie Broadband's growth from 18,300 to 163,000 customers in under three years had been achieved through significant investment by the owners plus a small amount of debt, and gave credit to the company's "super-dedicated team that actually care about our customers."

“We’ve shown we can manage rapid growth and still maintain our service and experience. It’s a model we intend to continue," he said.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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