Singapore-based internet services provider (ISP) MyRepublic has announced today that it is seeking to raise S$100 million (US$72,3 million) to ramp up broadband services in Indonesia. It is looking to acquire about 1.4 million customers in that market.
In addition, the ISP is aiming to go public by the end of 2018 or early 2019. MyRepublic did not disclose the specifics of the IPO but said that it will use this to finance launches in at least eight markets in Southeast Asia.
It also dispelled rumours that it was looking to buy Singapore telco M1. Last year, MyRepublic submitted its bid to become Singapore’s fourth telco. It was, however, outbid by Australian company TPG Telecom in December.
Instead, it is seeking to become a mobile virtual network operator (MVNO). This means it will buy mobile bandwidth from existing telcos. MyRepublic said it will aims to launch this service by October.
By becoming a MVNO, MyRepublic will save money incurred from purchasing additional telecom infrastructure and will allow it to focus on customer-facing services.
Currently, MyRepublic has 70,000 customers in Singapore; 28,000 in Australia; 15,000 in New Zealand; and 100,000 in Indonesia.
Image Credit: MyRepublic