Vocus Communications shares jump 20% after listing

Wholesale telecommunications provider Vocus is now listed on the Australian Securities Exchange, with the company raising $1 million during the oversubscribed public offer and shares already trading 20% above their initial listing price.

The group was acquired by Investec Wentworth Private equity through First Opportunity Fund for $20 million earlier this year, and now counts two Investec members on its board including former OzEmail chief executive David Spence.

Shares were initially listed at 50c and were trading at 60c by 11.40 AEST.

General manager Mark De Kock says the company is now looking to expand the company even further now it has raised some extra funds.

“We’ve been very successful in New Zealand, we are looking at other international projects in certain areas,” he says.

“Being listed gives us the access to capital markets we’ve wanted, and will allow us to support our future growth plans. We’ve been growing quite rapidly and would like to continue that level of growth.”

The company, founded in 2007 by James Spenceley and Paul McConnell, recorded $5.2 million in revenue during 2008-09. In a statement released this morning, the company said it expects EBIDTA this year of $6.64 million and net profit before tax of $4.39 million.

Vocus was listed sixth on the 2009 SmartCompany Start Up Awards.

Chief executive James Spenceley has previously told SmartCompany the group is pleased to have the direction of a more experienced company, but original shareholders still have control over the group.

“The original Vocus shareholders still have control of the company. It’s very much still Vocus-controlled in terms of business and out network of customers, but we’re a publically-listed entity now and we certainly have shareholders, of which Investec will become a major one.,” he said at the time.