The initial public offering (IPO) landscape on the Australian Securities Exchange (ASX) has been under the microscope over the past two years — and the tale the data tells is contrasting.
the ASX and the Australian Securities & Investments Commission (ASIC) have moved to make the IPO process smoother amid a lacklustre listings market. In June 2025, ASIC announced a trial fast-track the listing process for eligible companies.
The new process reduces the time between prospectus lodgement and listing — potentially shortening it by up to a week. Meanwhile, on 16 May the ASX published updates to its guidance for entities seeking to apply for admission to the ASX in Guidance Note 1. The updated guidance took effect from 30 May 2025.
It comes after several years of a listless listing market. In 2024, the market proved among the quietest years for listings in decades. Yet, beneath the calm surface, signs are emerging the tide may be turning.
According to the 2025 IPO Watch report by HLB Mann Judd, 2024 had only 29 listings, marking a 9% on the 32 floats in 2023 and the lowest annual total since the IPO Watch report began in 2004.
At the same time, total funds raised surged 387% to $4.1 billion, compared to $847 million in 2023. Most of that capital came from a handful of large-cap floats – just 11 large-cap listings accounted for a staggering 96% of the total.
The sector dominance remained clear with ‘materials’ leading the charge – effectively mining and commodity-linked businesses – which contributed 13 of the 29 listings, or around 45% of the total.
Still, for many smaller or junior explorers the climate was harsh. High interest rates, global economic uncertainty, and weakened demand for certain commodities, especially battery metals, all crushed appetite for high-risk, small-cap floats.
Yet, for certain well-timed, high-quality IPOs, 2024 delivered decent returns. New listings enjoyed an average 12% day one gain compared to issue price, which remained consistent at year-end (12% gain).
Part one of this IPO series published yesterday (22 December) details what a listing is and why companies tend to float.
Regulation and reform
Sensing the slump, as mentioned the ASX and ASIC moved to make the listing process smoother.
The ASX states that the updates provide ‘greater transparency to potential early stage technology, biotechnology, and medical technology listing applicants’ and that the proposed updates are to align the Guidance Note with current ASX admission practices which were not previously articulated in the Guidance Note.
One of the most important changes is to include limits on the type of entities that are eligible to use ASX ‘fast-track’ listing processes, which allows issuers to substantially shorten the time between prospectus lodgement and listing (from six weeks down to potentially two).
Analysts and lawyers tend to agree this change is most likely to impact early stage businesses, with law firm Herbert Smith Freehills Kramer saying it is an “unfortunate change, in particular in a climate where ASIC is looking at ways to support public capital markets by streamlining the IPO process”, as discussed in ASIC’s discussion paper on Australia’s evolving capital markets.
While Herbert Smith Freehills Kramer notes the changes are welcome for transparency, some analysts warn they may restrict fast-track access only to certain types of companies.
The ASX itself argues that the broader capital-raising ecosystem remains healthy. Over the past seven years it has facilitated around $750 billion in new capital entering the market, even once de-listings are accounted for.
Rebound under way
Signs of recovery are becoming evident. An ASX update late in 2025 highlighted several fresh IPOs. Among them, Judo Capital Holdings (ASX:JDO) — a financial-services firm that raised $653 million on listing — and Vulcan Steel (ASX:VSL), a New Zealand-based steel distributor that raised $371.3 million in its ASX debut.
In the resources sector, 2025 headlines have been driven by Greatland Gold (ASX:GGP), which priced its IPO at the top of its range — raising nearly $490 million, underscoring robust investor demand for serious gold and copper plays.
Analysts and bankers are cautiously optimistic. With looming interest-rate cuts and improving global economic sentiment, 2025 may deliver a meaningful rebound in IPO activity that could flow into the new year.
That said, many are watching closely to see whether this uptick signals a momentary blip – or the start of a sustainable resurgence.
For years, the ASX has served as a launch pad for small and mid-cap mining, material, and resource companies – with roughly 82% of listed firms falling under $500 million in market capitalisation as of end 2023.
But 2023-2024 showed how fragile that engine has become. Weak commodity cycles, rising rates, and global economic uncertainty crushed the volume of new floats even as some high-profile listings managed to attract investor capital at scale.
The reforms by ASX and ASIC, plus the return of a handful of well-backed IPOs, suggest the exchange isn’t ready to fade into irrelevance just yet. For investors and companies alike, the message seems clear – the IPO window may not be wide open, but it’s no longer boarded shut.
If 2025 delivers as hoped, there is a view that the next chapter could see the ASX reassert itself – not just as a resource-market playground, but as a broader platform for capital, growth and renewal across sectors.
Write to Adam Orlando at Mining.com.au
Images: ASIC & iStock
