We present a Wide-field ASKAP L-Band Legacy All-sky Blind surveY (WALLABY) study of the nearby ($v_{rm sys}$ = 915 km s$^{-1}$) spiral galaxy IC 5201 using the Australian Square Kilometre Array Pathfinder (ASKAP). IC 5201 is a blue, barred spiral galaxy that follows the known scaling relations between stellar mass, SFR, HI mass and diameter. We create a four-beam mosaicked HI image cube, from 175 hours of observations made with a 12-antenna sub-array. The RMS noise level of the cube is 1.7 mJy beam$^{-1}$ per channel, equivalent to a column density of $N_{rm HI}$ = 1.4 $times$ 10$^{20}$ cm$^{-2}$ over 25 km s$^{-1}$. We report 9 extragalactic HI detections $-$ 5 new HI detections including the first velocity measurements for 2 galaxies. These sources are IC 5201, 3 dwarf satellite galaxies, 2 galaxies and a tidal feature belonging to the NGC 7232/3 triplet and 2 potential infalling galaxies to the triplet. There is evidence of a previous tidal interaction between IC 5201 and the irregular satellite AM 2220$-$460. A close fly-by is likely responsible for the asymmetric optical morphology of IC 5201 and warping its disc, resulting in the irregular morphology of AM 2220$-$460. We quantify the HI kinematics of IC 5201, presenting its rotation curve as well as showing that the warp starts at 14 kpc along the major axis, increasing as a function of radius with a maximum difference in position angle of 20$^circ$. There is no evidence of stripped HI, triggered or quenched star formation in the system as measured using DECam optical and $GALEX$ UV photometry.