Nexion's IPO was oversubscribed at 20c per share, valuing the company at $25.4M.
The funds raised have been earmarked as working capital for expansion in Australia, New Zealand, Canada and Africa.
Nexion combines private and public cloud Infrastructure into a hybrid cloud service it calls OneCloud, using software-defined wide-area networking (SD-WAN) to connect corporate customers to OneCloud nodes consisting of compute and storage capacity.
The company owns its own data centre in Belmont, WA, and controls the network of OneCloud and Aryaka SD-WAN infrastructure in Perth, Adelaide and Melbourne from there.
A deal with Aryaka gives Nexion access to that company's 65 points of presence (PoPs) around the world, and allows Nexion to build Aryaka PoPs in locations where there are OneCloud nodes.
The plan is to install additional OneCloud nodes in other Australian capital cities, and then expand internationally, starting with New Zealand.
Co-founder and CEO Paul Glass and co-founder and COO Kevin Read together held 21.4% of the ordinary shares at the time of listing, and the directors and key managers will own a 28.7% stake.
"We are extremely pleased by the level of support from investors and the success of the IPO is testament to the market's enthusiasm for our business," said Glass.
"On behalf of the board, I would like to welcome our new shareholders to the company. Since we founded the company in 2017, Nexion has demonstrated outstanding growth in our initial target market of Australia, but we believe that the best is yet to come.
"The capital raised will allow us to expand the business in a staged approach beyond its existing domestic footprint and into global markets. Our strategic relationship with Aryaka is instrumental to our global ambitions.
"Nexion is a business with strong revenue growth potential, a high level of recurring revenue, excellent scalability and a vast market opportunity driven by an irreversible trend towards pay-as-you-go IT platforms."
At the time of writing, Nexion shares were trading at 24c – a healthy 20% gain on the IPO price. More than nine million shares had changed hands.