Following an IPO of $6 million, shares in Australian telecommunications innovator Vonex are set to trade on the ASX tomorrow, commencing at midday AEST.
Vonex will ring the bell under the code “VN8” with an approximate market capitalisation of $29.5m, based of the IPO issue price.
Vonex placed 30,000,000 shares at a price of $0.20 per share, as well as 7,500,000 options, also exercisable at $0.20.
Funds raised will be used to aggressively market the existing suite of Vonex branded and white label products.
Vonex Telecom, the company’s retail division is a full-service telecommunication service provider selling hosted PBX services, as well as traditional mobile, internet and business phone systems – all via a network of over 400 channel partners.
The Company’s wholesale arm, Vonex Wholesale, develops products for larger telecommunications companies, such as ISP’s, carriers and cloud service providers. Products are sold on a white label basis.
Collectively the retail and wholesale arms achieved a profit of $959,000, for the period of 1 July 2017 to 31 March 2018, based off unaudited accounts.
Vonex will also tip some cash into its development and engineering team to develop its mobile app technology, known as Oper8tor.
Oper8tor is a software aggregating multiple social media voice apps to that they can operate seamlessly together on a single platform. Regardless of whether different apps are being used, Oper8tor seeks to establish a clear, high-quality call.
We could not be more pleased with the timing of our IPO, which is set to fast-track uptake in telecommunications innovations,” Vonex Managing Director, Mr Matthew Fahey said.
“As the NBN rollout forces customers to review their telecommunications service providers Vonex will be seizing the opportunity by aggressively marketing the company and delivering superior technology.
“The support received from shareholders throughout the listing process demonstrates the level of faith the market has in our ability to thrive in a competitive marketplace and we are looking forward to rewarding these shareholders with even stronger performance,” he said.