MyRepublic garners S$80.1m in fresh funds, reveals HK IPO plans

MyRepublic garners S$80.1m in fresh funds, reveals HK IPO plans

The telecoms player says it is planning for a future public offering in Hong Kong "in 18-24 months".

myrepublic IT show
The MyRepublic booth at the IT Show in 2018. (Photo: Facebook/MyRepublic)

SINGAPORE: Telecoms player MyRepublic on Tuesday (Jun 5) announced it has garnered another US$60 million (S$80.1 million) in investment funding even as it gears up for an initial public offering "in 18-24 months" - later than previously indicated. 

The company said in a press release that the fresh funds came from CLSA Capital Partners, the asset management business of CLSA and Kamet Capital Partners. 

The money will go towards accelerating the development of its "telcotech platform" - something the company says allows it to automate much of its service operations, thus lowering costs and increases agility. 

It is also looking to launch new telecommunications services across the region, including mobile and TV, the press release noted. The company had earlier revealed two mobile plans for its existing fibre broadband customers and those who backed it in its unsuccessful bid to be Singapore's fourth telco last month, after partnering StarHub to lease the latter's mobile network infrastructure. 

The company added it intends to list in Hong Kong within "18-24 months".

CEO Malcolm Rodrigues, commenting on the location, told Channel NewsAsia: "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."

The company had previously said it was interested in listing in Singapore, Australia or Hong Kong, and this was expected to happen at the end of 2018. 

The US$60 million investment comes on the heels of MyRepublic bagging S$70 million in investment dollars from Makara Capital last November. 

Source: CNA/kk