Vonex in $6m IPO

13/06/2018 - 13:12

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Local telco business Vonex started trading on the ASX today, after the company raised $6 million via an initial public offering.

Vonex in $6m IPO
Vonex's Nicholas Ong (left) with Matt Fahey , David Vilensky and Winnie Lai Hadad.

Local telco business Vonex started trading on the ASX today, after the company raised $6 million via an initial public offering.

The company issued 30 million shares at 20 cents each, with State One Equities acting as lead manager and underwriter to the offer.

Vonex is a telecommunications service provider selling mobile, internet, traditional fixed lines, hosted Private Branch Exchange (PBX) and Voice over Internet Protocol (VoIP) services primarily to small to medium enterprise customers.

The company also has a wholesale offering, and has developed a cloud hosted PBX system.

Funds raised from the offer will be used to market the existing suite of Vonex branded and wholesale products through its network, as well as the development of its mobile app technology Oper8tor.

“We could not be more pleased with the timing of our IPO, which is set to fast-track uptake in telecommunications innovations,” managing director 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.”

Mr Fahey has been with the company since 2013 and has 20 years’ experience in the telco industry.

Also on the board is non-executive chairman Nicholas Ong, who currently serves on the boards of CoAssets and Arrow Minerals.

Shares in Vonex were down 10 per cent at 18 cents each at 3pm AEDT.

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