Join our daily newsletter At The Bell to receive exclusive market insights
- ActivePort Group Ltd (ASX:ATV) shares began trading yesterday and while the stock briefly touched 20.5c, it ended its first day of trade a cent lower
- ActivePort raised $12 million in the initial public offering (IPO) process
- Funds raised will allow the company to accelerate its global expansion plans
- Four global telecommunications companies in four countries are installing ActivePort, with up to six additional deployments possible in FY22.
- Shares closed 5.13 per cent down at 18.5 cents on October 21
ActivePort Group Ltd (ASX:ATV) debuted on the ASX yesterday with shares briefly touching 20.5c, before closing a cent lower.
The Australian company’s software allows customers to manage all their networking technology from one single screen.
Customers can create network connections, deliver cloud services and manage their networks at a local, national or global scale.
ActivePort CEO Karim Nejaim said the benefits to customers included simplicity, agility, speed and cost savings.
“ActivePort offers some unique service orchestration capabilities in the software defined wide area network (SD:WAN) market, a market that I believe is one of the fastest growing in the IT industry today,” he said.
Mr Nejaim said the IPO was a key milestone, but he was not concerned by the lacklustre performance of the stock on its debut.
“If it had shot up dramatically, that would have been interesting for the company, but then we would have been concerned about it dropping out, as a lot of IPOs do,” he said.
“I think what you are seeing is a low volume of trade, because I think our large institutional investors are sitting there going ‘yes, we’re in this for the long term.
“I joined ActivePort in the second half of 2020, after a 20-year career at Optus and Telstra and since then have built a fantastic team of highly-skilled professionals that are carrying the company forward.”
With the IPO complete, ATV will focus on accelerating high-margin software sales and driving growth of the core services business to support the Group’s national and global expansion aspirations.
Four global telecommunications companies in four countries are installing ActivePort with up to six additional deployments possible in FY22.
ActivePort Group shares last traded 5.13 per cent down at 18.5 cents at the market close today.
