2020 CRN Fast50 finalist Nexion Group launches $8 million IPO

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2020 CRN Fast50 finalist Nexion Group launches $8 million IPO

WA-based colocation and networking provider Nexion Group has launched its initial public offering ahead of a scheduled ASX listing in early 2021. 

The company is offering shares at 20c to investors, and seeks to raise up to $8 million, valuing the company at a $22.3 million market capitalisation. The IPO will be open until mid-December.  

Nexion, which offers hybrid cloud hosting, managed services and ICT solutions, was formed in 2017. Since then it has been on a fast, high growth strategy, which led it to achieve strong year-on-year growth of over 95 percent in 2020 to hit more than $4.5 million in revenue. 

That growth success saw it rank in 14th spot in the 2020 CRN Fast50

Early in November, Nexion announced a strategic partnership with WAN-as-a-service vendor Aryaka, through which the partner has gained access to more than 40 global points of presence, expanding the Nexion footprint in Australia, New Zealand and beyond. 

NEXION Group chief executive Paul Glass said 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," Glass 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.

“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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