Gigaclear hoping that listing will help fund further UK network rollouts.
One of BT’s competitors in the broadband services market has announced it is planning a flotation to raise capital for expansion.
Gigaclear says it is looking for a listing on the AIM market to help fund further rollouts of its rural broadband infrastructure, which it says could reach around 1.5m homes in dire need of improved connectivity.
The company is hoping to raise around £20m, having already gained £7.75m in funding, including £5m from private equity fund Woodford Investment Management, in May.
The company told the Financial Times that there was strong demand for faster broadband from a large, underserved rural population, many of which are currently served by BT’s copper lines or fibre to the cabinet service. Gigaclear provides broadband direct to the home, meaning there should be no drop-off in service as the network is "handed off" to the local provider.
Company CEO Matthew Hare said that more than 400 communities had approached Gigaclear for improved internet access, as the company looks to sign up support before beginning construction of a network.
Overall, 9 million homes in the UK lack access to superfast broadband, 1.5 million of which are suitable for network-building by Gigaclear.
Founded in December 2010, Gigaclear currently owns and operates nine rural fibre networks across Oxfordshire and Rutland, and aims to increase this to 25 by the end of the year. Six of these networks are already under construction in Oxfordshire and Kent, and the company recently announced plans to construct further networks in Northamptonshire and Peterborough.
Gigaclear’s flotation would doubtlessly be welcomed by the UK government, with rural broadband has drawing a lot of government funding and attention over the past couple of months due to its BDUK project, which aims to provide 95% of the country with superfast connections by 2017.