Wavenet launches $10m IPO

PERTH-based Wavenet International Ltd launched a $10 million initial public offering on 29 February.

The wireless data communications developer will use the float proceeds to continue commercialising its technology and to expand its marketing activities in international markets.

Sanford Securities has been appointed sponsoring broker for the offer. The company is offering ten million shares at $1 per share.

The company’s Tsunami wireless modems are targeted at mobile workers who typically send many short email messages and require access to corporate Intranets.

Wavenet chairman and managing director Peter Gregory said potential applications continued to expand.

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