SYDNEY--(BUSINESS WIRE)--SpeedCast International Limited (SpeedCast) started trading today on the Australian Securities Exchange (ASX) at 12pm AEST under the ticker SDA, following strong demand in its initial public offering (IPO).
The shares were offered at a price of A$1.96 each, implying a market capitalisation for the Company of A$235.5 million.
“Today is a major step in the evolution of our Company, following the establishment of SpeedCast as a leader in the provision of satellite services in the Asia-Pacific region and our global expansion, particularly in the maritime sector,” said Pierre-Jean (PJ) Beylier, CEO of SpeedCast. “This listing will enable us to continue executing on our growth plans and on our focus to deliver unsurpassed service reliability and customer support.”
“We have been greatly encouraged by the institutional and retail shareholder response to the IPO and the strong demand for shares,” Beylier added. “I want to thank all our employees, customers, shareholders and partners who have made this new milestone possible.”
“Working with PJ and the management team at SpeedCast, we have completed a tremendous amount of work to build the Company to the point that it can become a listed company,” said John Mackay, Chairman of the Board of SpeedCast. “We are confident this will be one of many milestones to come for SpeedCast.”
At the time of the listing, new investors are expected to hold approximately 63.7% of the shares, with the remainder being held by investment funds affiliated with TA Associates, management and Non Executive Directors. Investment funds affiliated with TA Associates, the majority shareholders before the IPO, will remain the largest shareholders with a combined stake of approximately 24.6%.
SpeedCast staff, board members, and advisers joined Beylier and ASX General Manager of Listings Issuer Services, Max Cunningham, at the ASX today to ring the bell and to celebrate this momentous milestone in the Company’s history.
About SpeedCast International Limited
SpeedCast is a leading global network and satellite communications service provider offering high-quality managed networks services in over 60 countries; and a global maritime network serving customers worldwide. Headquartered in Hong Kong, with 14 international sales & support offices and 24 teleport operations, SpeedCast has a unique infrastructure to serve the requirements of customers globally. With over 4,000 links on land and at sea supporting mission critical applications, SpeedCast has distinguished itself with a strong operational expertise and a highly efficient support organization, which are the foundation of SpeedCast's success. SpeedCast is publicly listed on the Australian Stock Exchange (ASX) under the ticker SDA. For more information, visit www.speedcast.com.