Forrest wins big as Swoop more than doubles on ASX debut
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The Andrew Forrest-backed Swoop Telecommunications has made a stunning debut on the ASX – the stock has more than doubled in price within hours of a backdoor listing.
Swoop began trading at 50¢ and closed at $1.25 on Thursday in what chairman James Spenceley said was a positive sign after recent gloom and doom around IPOs.
The Forrest family’s private investment arm, Tattarang, owns 19.7 per cent of Swoop, and the value of the stake jumped from $16.7 million at the start of the day to about $43 million.
Mr Spenceley, who is the founder of Vocus, and Amcom founder Tony Grist are among the other big shareholders.
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Vocus and Amcom founders steer Swoop Telecommunications in $61M listing deal
Vocus and Amcom founders steer Swoop Telecommunications in $61M listing deal
Tattarang, James Spenceley and Tony Grist strike deal to publicly list the telco player in April
Alex West (Swoop CEO) Credit: Swoop
Swoop Telecommunications and NodeOne have been acquired by publicly listed Stemify in a reverse takeover deal worth $61.3 million.
The fixed wireless and wholesale network infrastructure carrier is backed by Perth-based investment company Tattarang, Vocus founder James Spenceley and Amcom founder Tony Grist.
The combined national telco intends to list in late April under Swoop Holdings, using the ASX ticker SWP.