MyRepublic withdraws plans to take over M1

It will instead launch an IPO by end 2018.

Following the market rumours about its bid on M1, Myrepublic announced that it will not anymore pursue the Singapore telco.

"We put in a bid, but we’re not pursuing it. It’s not who we are. They are a traditional telco. We’re not a telco, we’re an Internet platform company," MyRepublic CEO Malcolm Rodrigues said, setting the record straight. 

Instead, Rodrigues said MyRepublic is eyeing to become a mobile virtual network operator (MVNO), buying mobile bandwidth wholesale from an existing telco to offer services. MyRepublic is likely to start offering services in October, joining Circles.Life in the MVNO market.

He shared that its current operations in Singapore as an internet platform firm has already led to it being cash-positive, with an annualised revenue run rate of $110m.

Looking forward, Rodrigues said MyRepublic is gearing up to launch an initial public offering by end-2018.

"Our IPO proceeds will be used to build a financial war chest to fund our expansion goals to operate in 10 markets across the region in 5 years’ times," he said, noting that they are considering markets of SGX, HKEX, and ASX.