Nexion eyes $8M IPO, claiming $22.3M market cap

Nexion eyes $8M IPO, claiming $22.3M market cap

Offering shares at $0.20 to investors

Credit: ASX

Cloud services provider Nexion Networks has once again made a bid for a public listing as it looks to raise $8 million through an initial public offering. 

The Perth-based company has lodged a prospectus and is looking to $22.3 million market capitalisation, offering shares at $0.20. 

Nexion, which provides hybrid cloud hosting, managed services and enterprise security, will keep its IPO open until mid-December, with an ASX listing scheduled for early 2021. 

The company first made a move on Australian Securities Exchange this time last year when it announced a $5 million IPO with a share price of $1.10. 

To kick off the listing, Nexion began seeking pre-IPO funding of $600,000, a third of which it will use to pay its short term debts, the company claimed. 

Nexion Group CEO Paul Glass said taking the company public was a “huge milestone” in the company’s three-year history. 

"We are cash flow positive focused board and posted a $4.33 million revenue in fiscal 2020, with an eye on best use of working and expansion capital to be retained for strategic use in future years - it's an exciting time for Nexion and we are delighted to invite potential investors to be part of this journey," Glass said.

Since launching in 2017, Nexion has signed partnerships with Pure Storage and Aryaka, while also expanding its physical footprint into NSW, South Australia and Victoria. 

It has its own data centre in Belmont, Western Australia and offers its Nexion Networks OneCloud service node as its key offering.

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