- Swoop (SWP) has relisted on the ASX today following a 15-fold oversubscribed $20 million capital raise
- The Australian fixed wireless and wholesale network infrastructure carrier formerly known as STEMify began trading on the exchange under the ticker SWP
- The company is chaired by Vocus founder and Airtasker Chairman James Spenceley and is also backed by Tattarang and Swoop Director, Tony Grist
- The new lister is a combination of Swoop Telecom (formerly Cirrus Communications) — claimed to be one of the earliest fixed wireless operators in Australia —and NodeOne, the WA based wireless infrastructure provider
- Swoop shares are trading at $1.11
Swoop (SWP) has relisted on the ASX today following a 15-fold oversubscribed $20 million capital raise.
The Australian fixed wireless and wholesale network infrastructure carrier formerly known as STEMify began trading on the exchange under the ticker SWP this morning.
Chaired by fellow ASX-lister Vocus (VOC) founder and Airtasker Chairman James Spenceley, Swoop said its listing was also backed by Tattarang and Swoop Director Tony Grist, who alongside Spencely, subscribed for $4 million at the listing price.
The new lister is a combination of Swoop Telecom (formerly Cirrus Communications) — claimed to be one of the earliest fixed wireless operators in Australia —and NodeOne, the WA based wireless infrastructure provider.
Combined, Swoop affirms it operates one of the largest fixed wireless networks with 246 towers across all mainland states and 120 staff.
Proceeds from the raise are set to allow Swoop to further expand its infrastructure nationally in both metropolitan and regional locations and provide funding for potential acquisitions to grow its products and offerings to customers.
Swoop’s Chief Executive Officer Alex West said listing on the ASX is a huge milestone for the business.
“[The listing] will enable additional investment into what is already one of Australia’s largest fixed wireless networks with 246 towers across the country,” he commented.
Swoop’s Chairman said demand for the capital raise had been significant.
“The combination of an infrastructure rich business with both organic and acquisitive growth opportunities resonated well with investors and we’ve been able to build a strong register of supportive shareholders,” he said.
Immediately following the listing, Swoop had approximately 169.6 million ordinary shares on issue, which were offered up to investors at 50 cents per share.
Swoop shares are trading at $1.11 in a market cap of $136 million at 10:55 am AEST.