Nexion Networks is planning to list on the Australian Securities Network in 2020 with a funding raise of $5 million.
The Perth-headquartered enterprise security and cloud service provider (CSP) expects its initial public offering (IPO) price to sit at $1.10 per share, according to investor presentation documents.
To kick off the listing, Nexion is now seeking pre-IPO funding of $600,000, a third of which it will use to pay its short term debts, the company claimed.
Nexion also has a target of 30 per cent underlying growth and 70 per cent through further acquisitions to reach $30 million revenue in financial year 2022.
Following the initial capital raise, Nexion said it will focus on funding the development of IPO documentation as soon as possible in calendar year 2020.
The negotiation of acquisitions would then be to obtain skills in software engineering, application development and server-less architectures and expand global sales reach into Nexion's nearest neighbours, New Zealand, Africa and South-East Asia, the provider told potential investors.
The combined total of pre-IPO and IPO raise would be up to $5 million and would provide net cash of at least $4 million on listing.
The capital would then be used to expand the global footprint of Nexion's OneCloud Nodes and the development of in-house multicloud management software and the current board would expand.
The news of the provider’s potential IPO follows news of Nexion being the first Australian CSP partnering with Cohestiy and Pure Storage and the acquisition of colocation provider Site2 DC, which was described as a multimillion-dollar deal at the time.