Connectivity provider, Megaport, will list on the Australian Stock Exchange (ASX) in December to raise $25 million to fund its expansion into North American and West European markets.
The company wants to sell 20 million shares at $1.25 per share and will list with a market capitalisation of $87.5 million.
Megaport is chaired by Australian technology entrepreneur, Bevin Slattery, who also co-founded PIPE Networks in 2002; submarine cable company, SubPartners; and dark infrastructure provider, Superloop.
The Megaport board also includes CEO, Denver Maddux (previously Microsoft and Limelight Networks), and non-executives directors, Drew Kelton (also managing director, Docusign Asia Pacific), and Simon Moore (also managing director at The Carlyle Group).
Megaport has developed a platform that uses software-defined networking to enable users to provision scalable circuits known as ‘elastic interconnects’ between their networks and other networks connected to the Megaport fabric.
Maddux said the initial IPO and planned ASX listing is the next step in the company’s growth with plans to extend the platform deeper into existing markets, and overseas.
In 2016, the company plans to expand into 45 data centres in North America and Europe in key markets including New York, Los Angeles, Dallas, Seattle, San Francisco, Toronto, London, Dublin, Amsterdam, and Stockholm.
“This is a tremendously exciting time for Megaport as I believe we are at the centre of a revolution brought about by the rise of software-defined networking and cloud computing,” said Maddux.
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