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Summary
- Vocus Group Limited has appointed financial advisers who would be executing the IPO of Vocus New Zealand.
- The IPO is anticipated to commence before the end of FY2021 and would rely on the prevailing market conditions.
- The lead managers of the process are namely- Goldman Sachs, Jarden and Craigs.
ASX listed vertically integrated telecommunication services provider Vocus Group Limited (ASX:VOC) is planning to go for an IPO of Vocus New Zealand. For this purpose, the Company has appointed financial advisers to execute an Initial Public Offering of Vocus New Zealand.
Vocus Group Limited is a top specialist fibre & network solutions provider, and it connects people, businesses, governments, and communities across Australia and New Zealand to the world. Vocus owns and operates a 30,000 km fibre network that is built and controlled for business and government.
The IPO is likely to commence before the closure of FY2021 and is contingent to the existing market condition.
As per the Company’s Board, after the successful IPO of Vocus New Zealand, there would be greater balance sheet flexibility of the Vocus Group. It would enable the Vocus Network Services to make an investment in core long-term strategic fibre prospects and expand its network reach.
IPO would also allow the business to build on its product capabilities, as well as strengthen its status as the specialist fibre and network solutions provider in Australia. Another benefit of it is the Board would have the potential to review its long-term dividend policy.
In the IPO process of Vocus New Zealand, Goldman Sachs, Jarden and Craigs have been appointed as the Joint Lead Managers of this process.
A Glance at Vocus New Zealand:
Led by an experienced and highly capable management team, Vocus New Zealand is a fully integrated telco and energy provider that owns a considerable national fibre infrastructure network. Vocus New Zealand is an established challenger that has placed itself firmly in the New Zealand market and has consistently in the last five years, delivered revenue and EBITDA growth.
Apart from the organic growth which it attained over the years, Vocus New Zealand was able to develop its core competency on acquisition and integration of the businesses that combine consumer scale and ability to the current operation.
According to the Board, there are now considerable prospects for organic growth and market consolidation throughout all the market segments and these can be realised in a better way if the Company makes Vocus New Zealand as an independent unit.
The Company would provide further details related to the IPO in its 1H FY2021 results announcement.
How did the New Zealand business do in FY2020?
New Zealand business delivered strong growth of 5% YOY. The underlying EBITDA growth in FY2020 ended 30 June 2020 was of 4%. There was a strong growth in the Wholesale business from new partners plus improved bandwidth because of COVID-19.
However, it was slightly balanced by a drop in the Enterprise segment with customer losses through the partner network. NZ Customer & SMB profited from continual growth in broadband plus energy & mobile growth via bundling with broadband.
Stock Information:
On 19 November, at AEDT 12:43 PM, Vocus Group shares were trading at A$4.37, up 3.066%.
