Pacnet aims for IPO

Fiona Chau
09 Jan 2008
Daily News

Pacnet, the merged entity of regional submarine carrier Asia Netcom and Singapore-based ISP Pacific Internet, is planning an initial public offering to raise up to $800 million by end of next year.

The company, controlled by Connect Holdings, aims to seek a listing in the US within 24 months, chief executive Bill Barney told a media briefing on Tuesday as the company unveiled its new corporate brand.

“We won’t be a private company forever,” Barney said. “But we are not rushing in the listing and the exact timing of the IPO will depend on market situation.”

Barney said the company will use the fund to expand its network and the company is also considering acquisitions in Japan and India, as part of its strategic to move up to the value chain.

He said the firm had started its next generation upgrade and planned to launch services on the revamped network by the third quarter.

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