Hybrid cloud services provider Nexion Group will begin trading on the Australian Securities Exchange (ASX) using the ticker NNG on 18 February.
The Perth-based company lodged a prospectus in November last year looking for a $22.3 million market capitalisation and offering 40 million shares at $0.20 each, which led to it successfully raising $8 million.
At the time, Nexion Group CEO Paul Glass said taking the company public was a “huge milestone” in its three-year history.
“We are a cash-flow positive focused board and posted a $4.33 million revenue in fiscal 2020, with an eye on the 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,” he 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.
In its prospectus, Nexion chairman Peter Christie hinted at expanding its OneCloud Nodes into regions such as New Zealand, Africa, North America and Europe and that the company would seek to expand Nexion’s reach across Australia and globally through acquisition.
“Growth via acquisition will maximise the speed at which Nexion can roll out new OneCloud Nodes and on-board new customers in national and international locations,” he said at the time.
“A key feature of our business model is long-term contracted recurring revenues with high gross margins. As we bring more service providers into Nexion and migrate more customers to OneCloud, our recurring revenue base will continue to grow.”During FY20, Nexion saw revenue from continuing operations reach $3.8 million, up from $2.3 million in the previous year. Meanwhile, its net loss sat at $1.2 million, a minor improvement from $1.36 million in the red for the previous year.
