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Wednesday, 02 December 2020 06:38

NEXION looks for $8m in IPO, aims to list on ASX next year

NEXION looks for $8m in IPO, aims to list on ASX next year Image by Karenlaptop from Pixabay

Western Australia-based IT services firm NEXION Group has begun the process of raising $8 million in an IPO, offering shares at 20 cents to Australian institutional, sophisticated and retail investors , valuing the company at a $22.3-million market capitalisation.

In a statement on Tuesday, the company said the IPO was open until mid-December and that it planned to list on the ASX early next year.

Earlier this month, NEXION announced that it had signed a deal with California-based Aryaka, which it said would help establish Perth as a pivotal global SD-WAN city and get it ready for widespread adoption of secure cloud solutions nationally.

NEXION Group chief executive Paul Glass said that launching the IPO and taking the company public was a huge milestone.

“In just three years NEXION Group has become a national service leader and this week we were acknowledged as one of Australia's fastest growing IT companies – placed 14th in the CRN Fast50 rankings," he said.

"With our own local data centre and new deal with global SD-WAN provider Aryaka, we are uniquely placed to drive rapid local adoption of secure global connection solutions.

"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 the company's board, with more than 100 years combined experience in business and the technology industry, provided a solid foundation for the expansion.

"We are one of the fastest growing tech companies in Australia right now, as proven by the CRN Fast50 results, and that growth will continue," he said. “Our work with companies across the tech industry and IT ecosystem provides us a competitive advantage and good working relationships with global aspirations not only local."

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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