A Tech City ethical mobile operator backed by Wikipedia founder Jimmy Wales has announced plans to float in London, in a bid to fund expansion to the US.
The People’s Operator, founded Shoreditch in 2012, offers mobile contracts that allow users to donate 10% of their bill to a charity or cause of their choice.
The company has also pledged to give 25% of its profits to an independent grant-making charity that shares its name.
The company today announced plans to list on London’s junior AIM market, in a public offering that could value the company’s at over £100 million.
The money raised in the float will be put towards expanding to the US and the company has already signed a deal with US operator Sprint.
Wikipedia’s Wales, who is an investor in the company as well as executive director of strategy, said: “We intend to be the first international mobile operator which has successfully built a global customer base via online communities and viral networking.”
In its prospectus TPO said it hopes to mimic the growth of Wikipedia by “creating communities of people who act as volunteers and ambassadors to develop new networks of mobile phone customers who share in common causes, either locally or globally”.
Wales, who holds 10% of the company, is understood to not be selling shares in the float. TPO, which currently has over 10,000 subscribers, was co-founded by Labour donor and Andrew Rosenfeld, who made his name at property developer Minerva, which he also co-founded.
TPO’s to list next month come despite recent turbulent market conditions.
