FRIDAY 4 April 2025: The IPO Network is pleased to release the March 2025 quarterly report of companies listing on the ASX, highlighting IPO activity in the third quarter of FY2025.
IPO’s in Review
A quarterly summary of companies listing on the ASX
New listing activity in the Australian stock market (ASX) was almost non-existent over the March
2025 quarter (Q3 FY2025), with just 2 new stocks listing over this period. The largest stock joining
the ASX over Q3 FY2025 was Ma Credit Income Trust, with its current market cap around $330m.
Market Commentary
- Australian stock market benchmarks retreated over Q3 FY2025. Key domestic equity indexes went lower over Q3 FY2025. The S&P/ASX 200 dropped by around 4%, with its worst performed sectors being Information Technology (especially), Health Care and Energy. A rare bright spot was Industrials, which managed a 1%+ gain. The Small Ordinaries fell by almost 3% over the quarter. The major US stock benchmarks recorded significant declines over Q3 FY25 (S&P 500: -5%; NASDAQ: -10%). Even the so-called “Magnificent 7” US stocks (Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla) suffered declines over Q3 FY25.
- Fears of a possible global trade war spook markets. Local and offshore bourses started to trend lower from mid-Q3 FY25, on increased fears that ‘Liberation Day’ tariffs threatened by the Trump administration would roil financial markets and the global economy. These concerns were vindicated in early April when the US announced a raft of tariff increases that prompted immediate significant price falls in global share markets. All this while ongoing geopolitical concerns, headed by conflicts in eastern Europe and the Middle East, continued to drag on investor sentiment, as hopes of sustainable truces being achieved faded. In key Australian news, the RBA, as was widely expected, left rates unchanged at its 31 March/1 April Board meeting. In politics, 3 May 2025 was finally announced as the date for the next Federal election.
- Just 2 new companies listed on the ASX in Q3 FY2025, details of which are provided in the attached table. Both these stocks have market caps of $300 million or greater.
- Q3 FY2025 IPOs are financial services-related. The 2 IPOs listing in Q3 FY25 are income truststocks: MA Credit Income Trust targets returns via private credit strategies; Dominion IncomeTrust 1 targets returns by investment in debt securities, loans, trusts, notes, and bank facilities.
- Share prices for Q3 FY25 IPOs little changed since listing. As at early April 2025, Dominion Income Trust 1 has gone marginally higher since listing, while MA Credit Income Trust has edged lower, with both these respective moves being less than 1%.
- IPO market is set to remain subdued in Q4 FY2025. Just 2 new IPOs are currently expected to list in Q4 FY2025. One is WAM Income Maximiser, another LIC being launched by Wilson Asset Management. The other likely IPO is cosmetic clinic business Stormeur.
IPO listings by market cap since start of Q3 FY2025
| Company | ASX Code | Market Cap (AU$M) |
| Ma Credit Income Trust | MA1 | 330.5 |
| Dominion Income Trust 1 | DN1 | 306.0 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| WAM Income Maximiser | Listed Investment Company | 510.0 |
| Stormeur | Cosmetic | 10.0 |
About IPO Network
The IPO Network was established by a diverse group of professional service providers in 2010; our network of consultants and advisors assist businesses to prepare and execute their exit strategy and to support listed companies beyond their IPO.
The IPO Network will steer you around the pitfalls and help you list your organisation cost-effectively and in the fastest possible time. After your organization’s successful listing, we can also assist on an ongoing basis and help you to meet the ongoing compliance obligations imposed on directors and executive management.
For more information visit: www.ipo-network.com.au
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