Australia’s initial public offering (IPO) market in 2024 saw its lowest activity in two decades. Poor listing volumes reflect another challenging year for the IPO market, with significant macro and political factors globally. The year had only 29 listings, marking a 9 per cent decline on the 32 listings in 2023. At the same time, total funds raised surged 387 per cent to $4.1 billion, compared to $847 million in 2023.
The 2025 IPO Watch Australia Report includes commentary and data analysis on share price performance, sector analysis, IPO subscription rates, a review of activity by quarter and the market outlook for the remainder of the year.
*Certain listings are excluded from the analysis including exchange traded funds, backdoor listings and secondary listings with no new capital raised. **Large cap companies are defined as those with a market capitalisation in excess of $100 million. Small cap, companies are defined as those with a market capitalisation of $100 million or less.
There are only three upcoming listings raising new capital on ASX as at 4 January 2025, indicating there is not going to be an immediate uptick in IPO activity in the first quarter of the year. Two of the three listings are junior exploration companies.
A number of listings were withdrawn during the year as IPO hopefuls registered their intention to list with the ASX but did not manage to meet the listing requirements. Conditions remain challenging in the IPO market at present and any marked improvement is likely be in the second half of 2025. The effects of a change in presidency in the US also present a potential impact on both the Australian and global markets in 2025.
First published in 2004, IPO Watch Australia is a benchmarking-based report. The research analyses Australian listing activity. The primary report is released in January, and it explores IPO activity over the previous 12-month period. The Mid-Year Report is a short-form report published in July and it focuses on market activity for the first six months of the year. The reports are authored by Marcus Ohm, a Corporate & Audit Services partner from HLB Mann Judd Perth.
About HLB Mann Judd
We are an association of award-winning accounting and advisory firms in Australia, New Zealand and Fiji. Our firms currently audit over 6% of all ASX-listed companies and 10% of all ASX-listed resources companies in Australia. In addition to audit-related services, HLB Mann Judd provides a broad range of advisory and tax services. We can assist with the preparation for an IPO and in evaluating the benefits of an IPO against alternative strategic options.