MyRepublic Considers Hong Kong Listing as Early as December 2019
MyRepublic Considers Hong Kong Listing as Early as December 2019
(Bloomberg) -- Singapore-based Internet provider MyRepublic Group Ltd. is weighing an initial public offering in Hong Kong as early as December 2019 to fund expansion of its cloud-based broadband and mobile platform.
The company has raised $150 million in capital, including a $60 million injection from Singapore family office Kamet Capital Partners and CLSA Ltd.’s asset management arm, according to Chief Executive Officer Malcolm Rodrigues. MyRepublic may add to that total in its latest round of private funding, he said.
MyRepublic last month announced a tie-up with StarHub Ltd. to launch mobile services in the city-state after an unsuccessful bid in 2016 for Singapore’s fourth mobile operator license. The company is considering a Hong Kong listing as more local companies -- including Razer Inc. -- seek opportunities in the city.
Sixteen Singapore-based companies chose to list in Hong Kong last year, raising more than $800 million, according to data compiled by Bloomberg.
“Hong Kong is a particularly good fit for MyRepublic as CLSA is an excellent enabler for listings on the Hong Kong Exchange, and also a good fit for tech listings,” Rodrigues, a former StarHub executive, said in an email.
MyRepublic intends to launch mobile and TV-related telecommunications services across the Asia Pacific region. It currently serves 255,000 broadband subscribers in Singapore, Indonesia, Australia and New Zealand with a cloud-based platform. The company sought in 2016 to become Singapore’s fourth wireless carrier with a pledge to offer unlimited data plans and considered buying wireless carrier M1 Ltd.
While the company is planning for a Hong Kong IPO in 18 to 24 months, it has not yet appointed a bank to advise on the listing, MyRepublic spokesman said.
--With assistance from Andrea Tan.
To contact the reporter on this story: Livia Yap in Singapore at lyap14@bloomberg.net
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Dave McCombs
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