QUEENSLAND-BASED IntraPower raised $12 million in an IPO and listing earlier this month with help from Hopgood Ganim Lawyers.
The company supplies proprietary internet protocol network software called Visibility.X to telecommunications retailers, which then supply services to corporations.
IntraPower also acquired Mercury Connect and Destra Communications as part of the offer. The company initially offered 12,073,000 shares at a price of $1 per share. On 11 July, 30,303,900 were officially quoted on the ASX at $1 per share. It was trading at $1.125 a share last week.
“The IntraPower IPO brings to the ASX a successful Brisbane-based internet protocol services provider in the growing IT and telecoms sectors for B2B communications,” said Hopgoods’ senior associate Michele Muscillo.
“The company has designs on increasing its existing east coast presence, and the successful acquisition of Destra Communications and Mercury Connect businesses bolster the existing operations.”
In its prospectus, IntraPower said it had identified several companies that operate in the same “niche sector” that could be potential acquisition targets as they had constraints on growth and limited access to capital.
Corporate advisory partners Brian Moller and Michael Hansel led the project with Muscillo, as well as solicitors Michelle Manera and Emma Oxlade.