MyRepublic NZ IPO plans in question following Australian exit

MyRepublic says the “refocusing” of the business, along with other factors such as the expected slowdown in the global economy, could affect the IPO (initial public offering) timeline. It remains unclear whether its operations in New Zealand will remain unaffected, although it stresses that its recent decision to exit the Australian market is irrelevant.

Over the Christmas weekend, the Singapore-based broadband and mobile service provider Exits Australia as part of pivot towards profitability Reduce operating costs.

Its residential and business subscribers are National broadband network (NBN) has been migrated to Superloop, with the bulk of the migration work expected to take place next February.

I was asked if I was planning a similar move in New Zealand. Service started in 2014MyRepublic did not provide a definitive answer.

Instead, the company’s senior corporate communications manager, Adam Rahim, told ZDNET that the company is refocusing its operations in Singapore and will evaluate “relevant business opportunities” as they arise.

“In parallel, we will continue to navigate and source M&A (mergers and acquisitions) opportunities across the region that are closely aligned with our pivot strategy,” said Rahim.

The team at MyRepublic in New Zealand Locations that provide broadband and mobile servicesremains active the company’s twitter Profile, latest reply posted earlier today.

Rahim acknowledged that plans for an IPO may be delayed, but said this was not the result of the company’s decision to exit the Australian market. Rather, the company’s efforts to identify potential business opportunities and other conditions, including an “imminent global economic downturn,” could affect the IPO timeline.

“The impact of such factors on the IPO timeline, if any, is a separate matter from the sale of the Australian business,” he said.

Elaborating on the transfer agreement with Superloop, Mr Rahim said discussions included the possibility of redeploying about 30 Australian employees to Superloop.

Asked about its services in Indonesia, he said MyRepublic operates as a separate entity as it is operated by a licensed operator in the Asian market.

“[MyRepublic] We will focus on broadband and mobile business in Singapore.”

Provider in february CEO Malcolm Rodrigues announced the company’s new business vision and operating model with the launch of the “New MyRepublic” and ambition to become “the best performing digital telecom operator” in Singapore and the region. He said it would help lay the groundwork for an IPO.

Last September, a telecommunications company in Singapore StarHub has acquired a 50.1% stake in MyRepublic’s local broadband. work. The $162.8 million deal included the latter’s business his unit as a subsidiary of StarHub, boosting StarHub’s share of Singapore’s broadband market to his 40%.

In an interview with ZDNET in June 2021, MyRepublic said it was seeking new revenue It provided the company with significant growth potential in the enterprise space. The company said it will strengthen its service offerings in market segments, with a particular focus on cybersecurity.

The franchise business in Indonesia is operated through a partnership with Sinar Mas Group.

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