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Singapore broadband firm MyRepublic plans 2018 IPO to fund expansion
July 6, 2017 / 7:50 AM / 3 months ago

Singapore broadband firm MyRepublic plans 2018 IPO to fund expansion

SINGAPORE, July 6 (Reuters) - Singapore-based broadband services provider MyRepublic is gearing up for an initial public offering by the end of 2018 to fund expansion in Asia, its chief executive said on Thursday.

The company has also begun moves to raise S$100 million ($72 million) from private-equity players and existing strategic investors in the next 60 to 90 days.

After that fundraising, the company is eyeing a valuation of S$650 million, CEO Malcolm Rodrigues told a media briefing.

He did not name potential investors in MyRepublic.

The company is considering getting listed in Singapore, Hong Kong or Australia. My Republic declined to say how much it wants to raise through an IPO.

“Once we get through our listing, our plan is to expand around the region and expand around the world,” Rodrigues said, adding that targets for expansion include Thailand, Cambodia and Sri Lanka.

MyRepublic, which has previously raised S$120 million, operates in Singapore, Indonesia, Australia and New Zealand.

The company, backed by French billionaire Xavier Niel, lost out to Australia’s TPG Telecom in a competition last year to become Singapore’s fourth telecom operator.

Rodrigues said MyRepublic had considered bidding for Singapore telecom operator M1 Ltd but was not pursuing it. M1’s main shareholders are conducting a strategic review of their stakes.

MyRepublic plans to offer mobile services in Singapore by end-2017 after buying airwaves from an existing telecom operator.

$1 = 1.3824 Singapore dollars Reporting by Aradhana Aravindan; Editing by Richard Borsuk

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