TPG Telecom closes institutional capital raise amid network incident

TPG Telecom Limited announced the completion of its Institutional Reinvestment Plan on November 19, 2025, raising $300 million through the issue of 83,102,493 new fully-paid ordinary shares at $3.61 per share. This price represented a 5.0% discount to its last closing price. The plan aims to offset the impact of a $1.61 per share capital return, increase minority ownership, and enhance ASX index weighting.

The institutional component received strong demand, initially targeting up to $550 million. However, the size was reduced to $300 million following a tragic incident on November 18, 2025, where a Lebara customer could not access Triple Zero services. This incident, combined with a deterioration in global equity market conditions, prompted an extended ASX trading halt.

TPG Telecom is also launching a non-underwritten Retail Reinvestment Plan, aiming to raise up to $138 million. The proceeds from both plans, totaling up to $438 million, will be used to repay bank borrowings, contributing to a total repayment of approximately $2.7 billion since June 30, 2025. Trading of the new shares issued under the Institutional Reinvestment Plan is expected to commence on November 25, 2025, with the Retail Reinvestment Plan closing on December 5, 2025.