Singapore-based internet service provider MyRepublic aims to go public by the end of 2018 in an initial public offering that will give conglomerate Sinar Mas an exit, Tech in Asia reported today.
The announcement was made by MyRepublic CEO Malcolm Rodrigues at a media event in Singapore, at which he also revealed the company is in the process of fundraising.
MyRepublic provides internet broadband services in Singapore, Indonesia, Australia and New Zealand, and intends to expand into Malaysia, Thailand, Vietnam, Cambodia, the Philippines, Burma and Sri Lanka using the IPO proceeds.
The company plans to begin offering mobile telecommunications services in Singapore as a mobile virtual network operator, purchasing air time from telecom firms Singtel, Starhub and M1. Rodrigues has also denied recent reports that MyRepublic is bidding for a majority stake in M1.
MyRepublic has raised $43.5m in funding, including $24.1m in a 2014 round in which Sunshine Network, a telecom subsidiary of Sinar Mas, provided $18m, with the rest coming from private investor Xavier Niel.
Energy company Dian Swastatika Sentosa had invested $3.5m in the company earlier the same year.
MyRepublic was reportedly seeking almost $180m in funding as of early 2016, but has not closed the round, perhaps due to its failure in a bid to become Sinagpore’s fourth full telecom network in December.