News and Announcements
Inabox Group starts trading on ASX
- Published July 12, 2013 11:20AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
MEDIA STATEMENT
12 July 2013
From 11am (AEST) today, Friday 12 July Inabox Group Limited (“Inabox”) shares will be tradable on the Australian Securities Exchange (ASX) under the ticker code IAB.
Despite challenging market conditions the Company’s offer was oversubscribed. It raised $3.5 million, the maximum permissible under the terms of the offer.
“Unfortunately we had to scale back many of the applications we received but we hope investors will continue to support our Company by adding to their shareholding once we start trading as well as welcoming new investors,” said Inabox Group Managing Director & CEO Damian Kay.
Concurrently with the IPO Inabox has substantially completed the acquisition of wholesale VoIP provider, iVox Pty Limited, in accordance with the terms of the Prospectus.
The focus of the Company is to continue its growth path in the telecommunications wholesale space through acquiring complementary wholesale businesses where there is a fit, building the Telcoinabox business by expanding into new customer channels, including IT companies, dealers, resellers and international carriers and launching new products, such as cloud-based services and virtual private networks.
“This IPO signals a new phase in the evolution of our Company and I am delighted that investors are joining us on the journey,” said Mr Kay.
M2 Telecommunications Group (ASX:MTU) is a substantial holder in the Company having invested $2 million through the IPO offer last week.
Inabox provides wholesale services to individually-branded retail service providers (RSPs). Customers include start-ups, system integrators, managed service providers and non-traditional telcos that want to add telecommunications to their existing businesses.
The Company buys capacity from Telstra, Optus and AAPT and white-labels its’ proprietary; back-end billing, tech and customer care support systems and resells it to its customers.
For comment/information:
Please call corporate communications, Andreina Amato on 0410 434 227 or email[email protected] or visit www.inaboxgroup.com.au or Inabox on ASX.
To read the full announcement please download the document below.
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