Singapore: Broadband firm MyRepublic plans IPO by 2018-end

Photo: MyRepublic website

Singapore-based broadband services provider MyRepublic plans to launch an initial public offering (IPO) by the end of 2018 or early 2019 and is in the process of raising a S$100 million ($72.2 million) pre-IPO round.

MyRepublic did not disclose how much it plans to raise through the planned IPO but is eyeing a valuation of S$650 million after its Series C funding, which it expects to complete in the next 60-90 days. It is considering a listing on bourses in Hong Kong, Singapore and Australia.

No institutional investor has been identified to lead the round, according to MyRepublic CEO Malcolm Rodrigues. The firm is targeting an IPO in either Hong Kong, Singapore or Australia. It plans to use the IPO proceeds to finance its entry into new markets such as Malaysia, the Philippines, Sri Lanka, Myanmar, Cambodia and Vietnam.

Growth plans. Credit: MyRepublic

MyRepublic is currently raising pre-IPO funds through the CLSA investment bank, using a mix of equity and debt instruments. While no lead investors have been identified, the firm is in discussions with a number of private equity (PE) firms and strategic investors. Rodrigues said the firm expected to get offers by the end of July and capital commitments by the end of August, with the round to close in September.

Of the S$100 million it plans to raise, MyRepublic plans to deploy up to S$60 million in developing an Indonesian fibre network while the remainder will be used for customer acquisition and marketing in Australia and New Zealand.

To date, the broadband firm has raised S$120 million, starting with S$3 million in seed funding in May 2014. The firm plans to offer mobile services in Australia by 2017-end after purchasing mobile bandwidth wholesale from an existing telecom operator.

Financial forecast. Credit: MyRepublic

Additionally, it plans to become a mobile virtual network operator (MVNO) in Singapore through the purchase of mobile bandwidth wholesale a Singaporean telecoms firm, with mobile service to launch in Q4 2017.

Rodrigues adds the firm no longer intends to pursue Singaporean telecoms operator M1, whose stakeholders are conducting a strategic review of their stakes.

In the run-up to its IPO in Hong Kong, Razer engaged in a number of M&A deals to further strengthen its position and diversify its revenue base. Asked if MyRepublic would pursue a similar strategy, Rodrigues said, “For our entire inorganic growth, we do want to explore that at some point, but we’re looking at this post-listing. Our organic growth is tremendous…and we’d rather not diffuse it with acquisitions.”

“If something came along that made sense and we had a financing partner, we’d explore that but it’s not in our plan right now. In the overall scheme of things, a $500 million firm isn’t that big. If you want to do acquisitions, you want to do it with scale, so it’s in our plan but it’s not pre-listing.”

Also Read:

Singapore: MyRepublic expands to Australian market

Singapore’s MyRepublic seeking PE backing for M1 pursuit

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.