Megaport to list on ASX
- 23 November, 2015 10:52
Network interconnection provider Megaport is seeking to raise $25 million through an IPO and list on the ASX.
The company announced this morning it had lodged a prospectus with the Australian Securities Commission (ASIC).
Megaport was founded in 2013 by Bevan Slattery, the company's executive chairman.
Superloop, Slattery's network infrastructure spinoff from Megaport, .
The company developed a software-defined networking (SDN) platform which allows its customers to provision secure circuits between their network and other networks connected to the Megaport fabric.
Officially commencing operations in January 2014, Megaport now operates in 34 data centres across Australia, New Zealand, Singapore and Hong Kong. It has over 200 customers
The company's CEO, Denver Maddux, said the IPO represents the next step in the company’s international growth plans.
“To achieve our vision we plan to extend the platform deeper into existing markets and expand into new markets, particularly key markets within North America, Europe, and Asia. The capital raising under the IPO helps the business accelerate those plans," he said in a statement.
Next year, Megaport plans to expand into 45 data centres in North America and Europe including facilities in New York, Los Angeles, Dallas, Seattle, San Francisco, Toronto, London, Dublin, Amsterdam, and Stockholm.
At the A$1.25 offer price, Megaport will have a market capitalisation of $87.5 million on completion of the offer.
Maddux said that proceeds from the IPO will be used to complete the construction of the North American and European networks, operate and maintain those networks, hire additional sales professionals and continue to evaluate new growth opportunities.
Completion of the IPO means that Megaport shares will begin trading on the ASX during December 2015.
In July, the company announced that it was targeting the US market with plans for headquarters in San Francisco.
The expansion includes sites in Seattle, Los Angeles, New York, Ashburn, Chicago and Dallas where dark fibre infrastructure will be deployed to connect each of the data centres within the metropolitan region.