Slattery's Superloop applies for ASX listing

The Megaport spin-off fibre company Superloop has announced its IPO, and applied to list on the Australian Securities Exchange.

Fibre infrastructure company Superloop, founded by Australian technology entrepreneur Bevan Slattery, has applied to list on the Australian Securities Exchange (ASX) after lodging a AU$17.5 million prospectus with the Australian Securities and Investment Commission (ASIC).

The company has estimated that at a AU$1 offer price, Superloop will have a market capitalisation of AU$90 million on completion of the offer, and the raised funding will be used to complete the construction of Superloop's Australian and Singaporean networks, as well as the maintenance of those networks, and more sales staff for the company.

Shares will begin trading on the ASX in early June.

Slattery, Superloop's executive chairman, spun off Megaport's fibre assets into the newly created Superloop in 2014 to focus on its core business as a layer 2 elastic connectivity platform growing outside of Australia and Asia.

The company then immediately sold its Sydney, Melbourne, and Brisbane fibre assets to Amcom in exchange for a 15-year exclusive lease agreement to service customers including M2, iiNet, and Anittel.

Superloop still has 120km of ducts in Singapore, where the company is currently rolling out a fibre network that will connect the nation's datacentres to subsea cable landing stations.

Superloop recently appointed a CEO in Daniel Abrahams, and the board includes iiNet founder and ex-CEO Michael Malone.