Pentanet makes strong ASX debut

Pentanet's share price has more than doubled after listing on the ASX this afternoon with a pro forma market capitalisation of $66 million.

That follows the completion of the Perth-based, fixed-wireless internet provider’s IPO, which raised close to $23 million at 25 cents a share.

Funds from that IPO will go towards general expansion of the network as well as rollout of technology developed by Facebook that will enable the company to provide higher speed plans to customers.

That’s in addition to assisting in the rollout of NVIDIA’s cloud-gaming service, which is expected to begin at some point this year.

Managing director and co-founder Stephen Cornish thanked the network’s more than 8,000 subscribers in his remarks this afternoon.

“Our people are the backbone of everything we do and the IPO has allowed our customers and team to join us as part of the next stage of Pentanet's growth journey,” he said.

“With the funding from this IPO, we will be able to offer even faster services for our rapidly-growing customer base, and bring to life one of the biggest gaming launch events in Australia with NVIDIA’s GeForce NOW cloud gaming service.”

Shares in the group began trading at 75 cents each at 1pm AEDT before finishing at 59 cents at closing.