MyRepublic bags fresh US$60m investment, announces plans for Hong Kong IPO

MyRepublic has named Hong Kong as the site of its prospective listing after bagging a fresh US$60m investment.
MyRepublic has named Hong Kong as the site of its prospective listing after bagging a fresh US$60m investment.PHOTO: ST FILE

SINGAPORE - Home-grown fibre broadband company MyRepublic has named Hong Kong as the site of its prospective listing, even while pushing back its timeframe to go public.

The announcement on Tuesday (June 5) came on the back of a US$60 million investment from capital markets and investment group CLSA's asset management arm and Singapore family office Kamet Capital Partners.

But the long-teased initial public offering (IPO) will not be for another 18 to 24 months, MyRepublic said, which could put its proposed bourse debut as late as 2020. The company had previously said that it was considering an IPO in Singapore, Hong Kong or Australia by end-2018.

Chief executive Malcolm Rodrigues said in response to media queries: "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 investment from CLSA and Kamet, a mix of debt and equity, takes MyRepublic's raised capital to US$150 million (S$200.2 million) in all.

This amount does not include an injection of S$70 million from financial services firm Makara Capital, which was announced in November 2017 and involved Makara taking "a substantial stake" in MyRepublic.

Mr Rodrigues told the press at that time that MyRepublic's Series C fundraising could yield at least S$150 million, breaching his original target of S$100 million.

MyRepublic said on Tuesday that the latest investment from CLSA and Kamet would "accelerate the development" of its cloud-based telecommunications technology platform as it prepared to roll out services regionally. It now operates in Singapore, Indonesia, New Zealand and Australia.

Mr Rodrigues said in a statement: "This investment is a milestone along our path to a public listing and it is the advice and guidance provided by CLSA Capital Partners that has led us to this point. We are excited to have their support and we look forward to continuing our relationship as we work towards taking MyRepublic public."

CLSA Singapore country head Andrew Hartley also said in a statement: "As the company expands its broadband and mobile platforms across Asia, we believe it's uniquely positioned to take advantage of the digital transformation accelerating the telco sector.

"We are pleased to have led this investment through our asset management business, CLSA Capital Partners, and we look forward to continuing our relationship with MyRepublic."