Telecommunications service provider Vonex is preparing to join the ASX, announcing its IPO prospectus to raise up to $7 million and accelerate development of its award-winning technology, is now open to investors.
The company will issue up to 35 million shares at an issue price of $0.20 per share, with $5.5 million underwritten by State One Equities.
Vonex expects to commence trading on the ASX on 26 April 2018.
Producing a broad range of telecommunications solutions, Vonexs acts as a service provider selling mobile, internet, traditional fixed lines, hosted PBX and VoIP services, predominately to the small to medium enterprise customers.
The company is also developing a highly-advanced mobile app, called Oper8tor, which allows users to connect to any social media friend through voice messaging and text, regardless of whether the contacts are using a different applications.
Oper8tor is expected to launch via a soft release in late 2018.
“It is a very exciting time to be a part of this company as it expands its offering not only in the wholesale and retail businesses but in our technology division,” chairman Nicholas Ong said.
We are on the cusp of developing the world-first Oper8tor app, allowing users to connect with all social media friends, followers and contacts across different social medias, all consolidated into one app,” he said.
Vonex continues to achieve strong results through its wholesale and retail businesses, even before considering the potential upside from Oper8or.
Audited results for the financial year ended 30 June 2017 reported $6.12 million in revenue from the retail division and $1.16 million revenue from the wholesale team.
The 28 percent increase in total sales revenue compared to FY2016 is encouraging, with the company’s technology highly scalable and well placed to take advantage of the benefits of the NBN rollout.
Vonex anticipates trading on the ASX under the stock ticker VN8.
