South Africa’s fibre-to-the-home market is scaling rapidly but remains far from saturated — millions of homes are still unpassed and penetration continues to climb across already-built footprints — and an open-access model that wholesales capacity to many internet service providers turns a capital-intensive network into a recurring, annuity-like revenue base. NexaWave Fibre Networks captures this as a fibre network operator building residential, business and wholesale fibre and monetising it through the ISP ecosystem, explicitly designed around the build economics of the Vumatel reference model. An R11.5-billion initial raise (R4,600 million of equity and R6,900 million of senior and development-finance debt), with a further approximately R7,000 million of infrastructure debt disclosed as a second-round requirement from FY2029, funds a build targeting 2.8 million homes passed and roughly 620,000 connected over five years — scaling revenue from R150 million in FY2027 as penetration ramps across the footprint — delivering a 4.09× gross equity money multiple and a 32.6% implied IRR over a five-year hold on an 11.0× EV/EBITDA exit. As the plan states up front, these are deliberately aggressive assumptions with a disclosed funding gap that funders should test carefully.