British telco CityFibre is understood to be planning to raise about £25m (US$40.5m) via an IPO “before Christmas” to expand its network across cities in the UK.
The listing on AIM would value the group at around £50m, although it has yet to decide…
British telco CityFibre is understood to be planning to raise about £25m (US$40.5m) via an IPO “before Christmas” to expand its network across cities in the UK.
The listing on AIM would value the group at around £50m, although it has yet to decide on the size of the free float, TelecomFinance was told.
Liberum Capital and FinnCap are managing the IPO.
CityFibre has reportedly already raised around £11m from its board and private investors as it looks to expand its network in places such as Bournemouth and York.
The extra funding will also go towards realising a recent partnership it struck with Peterborough City Council to roll out fibre in the area.
Commenting on the Peterborough deal on 13 November, CityFibre CEO Greg Mesch said: “There are over 100 towns and cities in the UK that currently do not have ultra-high speed connectivity, so the opportunity for CityFibre to play a part in modernising the UK’s digital infrastructure is extremely exciting.”
Venture capital-backed CityFibre, which is competing with the fibre rollouts of local cable giants BT and Virgin Media, was unable to comment on the speculation.
