IPO WATCH AUSTRALIA REPORT A review of Australian IPO activity in 2025
Explore our latest report which analyses 2025 listing activity, share price performance, sector trends, subscription rates, and market outlook for 2026.
Signs of improvement in IPO market
Although initial public offering (IPO) activity during 2025 was subdued, there were signs of a modest improvement as the year progressed, signalling a possible recovery in 2026. The IPO market has seen historically low listing numbers over the past three years, with ongoing economic and geopolitical uncertainty prompting many businesses to hold back. In 2025, there was a total of 35 listings which is well below the 20-year historical yearly average of 83 listings. However, this was an increase on the 29 listings in 2024 and also the 32 listings in 2023, signalling a modest lift in market activity.
Report summary
- 35 new listings* on the Australian Securities Exchange (ASX), compared to 29 listings in 2024 and 32 IPOs in 2023.
- Total funds raised fell to $3.2 billion from $4.1 billion since 2024, representing a decline of 22%.
- Small cap listings rose 11%, with funds raised increasing from $166 million to $204 million and average IPO proceeds rising from $9 million to $10 million.
- Materials remained the leading sector, rising from 13 IPOs to 22 and making up 63% of all listings. It also delivered the highest capital raised at $999 million.
- Western Australia was the leading source of new listings in 2025 due to the strong Resources presence in the state, accounting for 54% of all IPOs with 19 listings.
- New listings averaged a 15% day one gain and 23% by year end, compared with 7% for the ASX All Ordinaries. Of the 35 IPOs, 26 rose on day one, 12 ended the year above issue price and 20 finished above their first day close.
The 2026 IPO Watch Australia Report analyses 2025 listing activity, including share price performance, sector trends, subscription rates and quarterly activity, and provides the market outlook for 2026.
*Certain listings are excluded from the analysis including exchange traded funds, backdoor listings and secondary listings with no new capital raised.
Softer IPO market
The Australian IPO market started to show signs of recovery during the course of 2025 following a muted period in the past few years. The pipeline is still soft, with just three upcoming ASX listings announced, as at 21 January 2026. There are several factors behind the softer IPO market, such as concerns about ongoing global uncertainty, including tariff impacts and trade tensions.
The ASX listing process is often perceived as costly and complex, contributing to a long-term decline in listed companies. Recent ASIC reforms aim to simplify the process for eligible entities, but perceptions remain a challenge.
"In addition, there is an abundance of private capital available to businesses which, coupled with comparatively lighter disclosure and regulatory requirements, makes remaining private an attractive option for many companies."
Partner, Assurance & Advisory
Key findings
About IPO Watch Australia
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 report is authored by Simon James, a Assurance & Advisory partner from HLB Mann Judd Sydney.
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.