Flexiroam Ltd, an international mobile roaming provider, has been approved to list on the Australian stock exchange (ASX) and is looking at raising up to A$12 million (RM33.6 million) through its initial public offering (IPO). The Australian company is operating via its subsidiary in Malaysia, Flexiroam Sdn Bhd, and is looking at the issuance of 60 million shares at A$0.20 (RM0.56) each, with a minimum subscription of A$8 million (RM22.4 million).
Flexiroam offers roaming services in the form of both voice calls and data, at affordable rates and easy-to-use plans. These services are currently available for outbound travellers from nine countries to more than 200 countries around the globe. The nine countries include Malaysia, Singapore, Australia, Thailand, Indonesia, Hong Kong, Canada, United Kingdom and the United States.
According to the announcement posted on the company’s blog, Flexiroam is planning to expand its business to Singapore, Thailand and Indonesia upon the completion of the IPO. The firm also wishes to venture into markets like China and India if the IPO reaches full subscription.
Flexiroam’s founder and chief operating officer, Kenn Tat Ong (Jef), described the listing on ASX as a new beginning for the company.
“We are excited to announce this tremendous milestone in the life of Flexiroam. This marks a new beginning for Flexiroam and I am excited to share this journey with you as we take the company to the next level,” he was quoted saying.
He added that the company — since it was founded in April 2011 — has saved millions of dollars in roaming charges for travellers, and that its subscriber base has grown to over 300,000.
“Through this IPO, we hope to provide further innovations in telecommunication technologies to make the roaming experience more convenient and user-friendly. Our goal is to expand the Flexiroam brand in Southeast Asia and introduce it to the rest of the Asia Pacific region,” he said.
Currently, the company’s core products include the Flexiroam Roaming Pass and Flexiroam SIM card. The services allow travellers to use roaming services at a pre-determined fixed fee, which is lower compared to regular telcos’ international roaming charges.
For example, Flexiroam’s roaming pass for travellers flying from Malaysia to Italy costs RM10 per day. This pass allows for unlimited SMS, as well as for users to receive unlimited calls. It also allows users to maintain their phone numbers from Malaysia by using a SIM card purchased in Italy.