FRIDAY 10 April 2026: The IPO Network is pleased to release the March 2026 quarterly report of companies listing on the ASX, highlighting IPO activity in the third quarter of FY2026.
IPO’s in Review
A quarterly summary of companies listing on the ASX
There were 9 new listings on the Australian Securities Exchange (ASX) over the March 2026 quarter (Q3 FY2026). The largest stock joining the ASX over the quarter was Kapstream Investment Trust, which currently has a market cap of around $200m.
Market Commentary
- Stock markets tumble over Q3 FY2026, as Middle East tensions escalate. In Australia, the S&P/ASX 200 and All Ordinaries equity indexes dropped by 2.7% and 3.7% respectively in Q3 FY2026. The S&P/ASX 200’s worst performed sectors over the period were Information Technology, which tumbled 28% (after a 26% fall in the prior quarter), and the Real Estate and Health Care sectors, which both dropped by 17%+. On the other side of the ledger, the S&P/ASX 200’s Energy sector surged by around 35%, powered by spiking oil prices (Brent crude ratcheted 70%+ higher over the quarter). The small cap end of the domestic stock market struggled, with the Small Ordinaries falling by almost 12% over Q3 FY2026. In US markets, the S&P 500 (-4.7%) and the NASDAQ (-7.1%) booked material quarterly declines, while all the closely watched “Magnificent 7” stocks tumbled, led by a 23%+ crash in Microsoft.
- Geopolitics the dominant influence on financial markets. Global stock markets sold off over Q3 FY2026, as a marked escalation in the current Middle East conflict disrupted the flow of oil and gas to many countries, sending prices for these commodities sharply higher. With fears intensifying that this situation could worsen further, investors nervously considered the inflationary and economic growth ramifications of such a scenario. While some major central banks have to date adopted a wait-and-see attitude, Australia’s RBA took a different tack, increasing its benchmark interest rate 25 basis points to 4.10% at its March 2026 Board Meeting. Looking ahead, policy makers and investors alike will closely scrutinise upcoming economic data releases for the impact of higher energy prices on household and corporate balance sheets. In the meantime, traditional safe havens like gold and silver should continue to find support.
- 9 new companies listed on the ASX in Q3 FY2026, details of which are provided in the attached table. Three of these stocks had IPO raises of $68m or more.
- Most of the Q3 FY2026 IPOs were mining-related. 6 of the 9 IPOs listing in Q3 FY2026 were Materials sector stocks. However, 2 of the 3 largest IPOs over the quarter were Financials (Kapstream Investment Trust) or Consumer Discretionary (The Koala Company) businesses.
- Price movements for Q3 FY2026 IPOs mixed post listing. As at early-April 2026, just 4 of the 9 Q3 FY2026 IPOs were higher. The best performers have been Valiant Gold, The Koala Company and Barkly Rare Earths, with all three currently 10%+ above their respective IPO prices.
- 2 large IPOs set to land in Q4 FY2026. As at mid-April 2026, just 5 new IPOs are set to list in Q4 FY2026. These include L1 Gold Fund Ltd and Solaris Australian Equity Income Plus Ltd, which are planning IPO raises of $1,000m and $330m respectively.
IPO listings by market cap since start of Q3 FY2026
| Company | ASX Code | Market Cap (AU$M) |
| Kapstream Investment Trust | KIT | 205.0 |
| Valiant Gold Ltd | VAL | 75.0 |
| The Koala Company Ltd | KOA | 68.1 |
| 49 Metals Ltd | 49M | 10.0 |
| MB Gold Ltd | MBG | 9.0 |
| Unity Metals Ltd | UM1 | 8.7 |
| Barkly Rare Earths Ltd | BAK | 8.0 |
| Macallum New Energy Ltd | MNE | 4.4 |
| Eastern Gas Corporation Ltd | EGA | 5.5 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| L1 Gold Fund Ltd | Investment company | 1,000.0 |
| Solaris Australian Equity Income Plus Ltd | Listed investment company | 330.0 |
| Wolfe Energy Ltd | Mineral exploration | 7.0 |
| Kaoko Metals Ltd | Mineral exploration | 6.5 |
| Bison Resources Ltd | Mineral exploration | 5.5 |
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