Request DSL braves IPO
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[Sydney, AUSTRALIA] Pilbara Mines Ltd will make an initial public offering, and listing on the ASX, of shares in its 95 percent-owned subsidiary, Request DSL Pty Limited. Request DSL plans to use "declared" access to Telstra's copper local loop to provide wholesale DSL, which it will resell to broadband service providers.
The company hopes to raise approximately $20 million through the public issue. Pilbara intends to keep all of its shares in Request DSL retaining its entire interest in the company.
The funds raised will be used for the deployment of Request's network, which will be built with Cisco equipment. "This level of funding will allow Request DSL to move to the next stage of its development...to move to the initial rollout phase of the nationwide DSL network, having successfully completed the staging phase (currently nearing completion) and the customer trial phase (preparatory work commenced)," said Request in a statement to the ASX. Request DSL is taking expressions of interest on its Web site from those wishing to take part in the trial.
Request DSL is also negotiating with Cisco Systems for vendor finance and rumor has it that Cisco will make a sizeable investment in the rollout. The company will issue its prospectus in September 2000 and plans to list by the end of November 2000.