Asian satcoms provider SpeedCast plans to raise A$150m (US$140m) in an IPO next week after growing rapidly over the last two years through a series of bolt-on acquisitions.
The Hong Kong-based group is offering 76.5 million shares at A$1.96 (US$1.83)…
Asian satcoms provider SpeedCast plans to raise A$150m (US$140m) in an IPO next week after growing rapidly over the last two years through a series of bolt-on acquisitions.
The Hong Kong-based group is offering 76.5 million shares at A$1.96 (US$1.83) each and aims to float on Australia’s ASX exchange on 12 August.
UBS is acting as underwriter for the listing, according to a stock exchange filing. Local reports also list CIMB as co-lead manager, and Morgans and Ord Minnettt as co-managers.
New shareholders are reportedly in line for about 63.7% of the stock after completion, while its private equity owner TA Associates is seeking to retain a stake of about 24.6%.
TA Associates bought the group from satellite operator AsiaSat back in September 2012 for roughly US$32m, and has helped it make a total of five acquisitions to date.
Its last deal was in June 2014, when Speedcast acquired Papua New Guinea-focused satellite solutions firm Oceanic Broadband to strengthen its natural resources business. Its expansion drive so far has mainly focused on buying out teleport owners across Asia.
Speculation that Speedcast was mulling a listing stepped up in May this year when it hired Michael Malone, who led iiNet’s IPO in 1999 when he was CEO of the Australian ADSL giant, as an independent director.
