RealTime IT News

SkyNetGlobal Seeks Broader Reach With IPO

Broadband network provider SkyNetGlobal is taking an unusual approach to gathering capital, by launching an unlisted prospectus to complete the next round of fundraising.

With this approach, the company is allowing smaller investors to take a stake, by accepting investments as low as AUS$2800 (US$1680). SkyNetGlobal is seeking to raise a total of AUS$5.6 million (US$3.36 million) to fund the next stage of its network rollout around Australia and Asia Pacific.

SkyNetGlobal's global wireless broadband network allows travellers to access corporate networks, their online office, email, Local Area Network and the Internet from their laptop or mobile computer device in 300 hotels, airport lounges and convention centres worldwide.

To boost its reach, the company has already signed alliances with the Starwoods Hotel chain, Acer Computers, Leo Burnett, Unisys and US provider of high speed wireless Internet and corporate network access to business travellers.

At the offer price, SkyNetGlobal will have a market capitalisation of AUS$115 million (US$69 million).

Although the company is not yet making an application to list on the Australian Stock Exchange, SkyNetGlobal chief executive officer Jonathan Soon said that this may become an option as it grows.