Singapore-based MyRepublic is planning an IPO in late 2018 to raise funds to expand in Asia and also aims to launch mobile service in the city-state as an MVNO as early as October.
In December 2016, the broadband internet service provider (ISP) failed in its attempt to secure Singapore’s fourth mobile licence in a spectrum auction open only to new entrants, losing out to Australia-based fixed line operator TPG Telecom.
MyRepublic is exploring a listing on the Singapore, Hong Kong or Australian stock exchange, but hasn’t indicated how much it expects to raise through a listing.
The ISP also plans to raise SGD100 million ($72 million) from private equity companies and existing strategic investors in the next 60 to 90 days, Reuters reported. MyRepublic CEO Malcolm Rodrigues said during a media briefing he expects the company’s valuation to reach SGD650 million after the funding round.
MyRepublic offers broadband service in Singapore, Indonesia, Australia and New Zealand, and is looking to expand to Cambodia, Malaysia, Myanmar, the Philippines, Sri Lanka, Thailand and Vietnam.
Regarding its plan to launch mobile service after its failed bid in Singapore, Rodrigues said it aims to work out a deal to use the network of one of Singapore’s three mobile players – Singtel, StarHub and M1, Channel NewsAsia reported. The introduction of MVNO service would allow MyRepublic to bundle broadband and mobile services to attract new customers, he said.
The CEO said MyRepublic had considered acquiring M1, but is not moving ahead with a bid. In March three of M1’s biggest shareholders, including Malaysia-based Axiata, said they considering selling their combined stakes of 61 per cent in the company.
Long before the December auction, Rodrigues touted the company’s low-cost advantages in allowing it to build out a new mobile network at a fraction of the cost of rivals. However, following the appointment of two international investment banks to raise funds, the company faced difficulty lining up financing from Singapore banks for its bid and rollout.