Australian telco United Networks listed on the Australian Securities Exchange today following an IPO that raised more than $7 million.
The Sydney-headquartered company’s main product is its white-labelled prepaid international global roaming SIM card which gives users access to networks in around 200 countries. This month it launched a white-labelled Wi-Fi app for Android which gives users unlimited data via 57 million hotspots in 120 countries. An IOS version will launch in February.
United Networks currently supplies global roaming and data products to more than 20 corporate clients including Coles Mobile, Medibank, Flight Centre, Cover-More and Malaysia Airlines. It intends to announce commercial terms with a local SIM provider – “one of the three major Australian telecommunications companies” – in coming months.
“By providing its B2B clients’ customers with a local competitively priced telecommunications product, United believes that it will allow international visitors to be ‘treated like a local’,” the company said in its first ASX announcement as a listed company.
The company’s growth strategy includes the monetisation of analytical data, location based services and new SIM-less technology.
According to its prospectus, United Networks generated revenues of $7.5m and a net profit after tax of $337,000 for the year end June 2016.
The company’s IPO last year reportedly saw shares go to former Macquarie Group boss Allan Moss and investment company Washington H Soul Pattinson which maintains a significant stake in stake in TPG Telecom.
United Networks’ ASX code is UNL.