- Nexion (NNG) is looking to raise up to $8 million under its initial public offering (IPO) to list on the ASX on February 1
- The company is aiming to raise a minimum of $5 million through the issue of 25 million shares at 20 cents
- Oversubscriptions of up to a further 15 million shares to raise an additional $3 million can be received
- Incorporated in August 2018, Nexion provides Hybrid Cloud infrastructure that allows companies to host their core business systems
- In FY20, Nexion recorded cash inflow of almost $4200, a much better performance than the $1.25 million burnt in FY19
- Upon completion of the IPO, Nexion will have an undiluted market cap between $19.2 million and $22.5 million
Nexion (NNG) is looking to raise up to $8 million under its initial public offering (IPO) to list on the ASX on February 1.
The company is aiming to raise a minimum of $5 million through the issue of 25 million shares at 20 cents.
Oversubscriptions of up to a further 15 million shares to raise an additional $3 million can be received.
Nexion will use the funds to deploy additional data storage infrastructure, acquire information technology service providers and broaden its shareholder base.
Incorporated in August 2018, Nexion provides Hybrid Cloud infrastructure that allows companies to host their core business systems.
Essentially, Hybrid Cloud is a solution that combines a private cloud with one or more public clouds to enable communication.
According to Chairman Peter Christie, Nexion has achieved an annual compound growth rate of 137 per cent since its establishment in 2017.
Ultimately, Nexion’s aim is to become a global operator of Hybrid Cloud SD-WAN infrastructure.
In FY20, Nexion recorded cash inflow of $4193, a much better performance than the $1,258,840 burnt in FY19.
At the end of FY20, Nexion had $138,576 in cash and cash equivalents, more than the $84,874 as of the end of FY19.
The company’s board consists of Peter Christie as Non-Executive Chairman, and Paul Glass and CEO and Managing Director.
Upon completion of the IPO, Nexion will have an undiluted market cap between $19.2 million and $22.5 million.