Amaysim prepares for $207 million IPO

MVNO launched in 2010
Amaysim CEO Julian Ogrin.

Amaysim CEO Julian Ogrin.

Amaysim yesterday lodged the prospectus for its initial public offering with the Australian Securities and Investments Commission, with the telco hoping to raise $207 million.

The $1.80 per share offer equates to an enterprise value of $298.4 million, and a share market capitalisation on listing of $317.1 million, the company said in a statement.

Amaysim is a mobile virtual network operator (MVNO) that resells services on the Optus network.

The company launched in 2010 and is the fourth-largest independent mobile service provider by number of subscribers, Amaysim's chairperson, Andrew Reitzer, said in a statement.

The telco announced Reitzer's appointment as non-executive chairperson yesterday. He is also the chairperson of SG Fleet and a former CEO of Metcash.

Joining him on the board as non-executive directors are ADMA CEO Jodie Sangster and OrotonGroup non-executive director Maria Martin.

Amaysim CEO and managing director Julian Ogrin is Amaysim's executive director.

Peter O’Connell, Rolf Hansen and Thorsten Kraemer will remain on the board, Amaysim said. Amaysim co-founder O’Connell will become a non-executive director.

“Amaysim has developed into a compelling challenger brand with the strength of our online-led business model allowing us to provide a superior user-friendly customer experience in Australia’s fast-evolving mobile services market," Ogrin said.

"We’re excited about the IPO, welcoming new shareholders and realising the opportunities an ASX listing presents to Amaysim for additional financial flexibility and improved access to capital markets.”

Amaysim earlier this year launched its first 4G plans.