FRIDAY 4 July 2025: The IPO Network is pleased to release the June 2025 quarterly report of companies listing on the ASX, highlighting IPO activity in the fourth 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) picked up again during the June 2025
quarter (Q4 FY2025), with 9 new stocks listing over this period. The largest stock joining the ASX
over Q4 FY2025 was Greatland Resources, the market cap of which is currently around $4.7b.
Market Commentary
- Key stock market benchmarks rally back in Q4 FY2025. Major Australian equity indexes recorded 8%+ gains in Q4 FY2025. The S&P/ASX 200 climbed by almost 9%, headlined by a strong rebound in Information Technology stocks, and robust gains in Financials (ex REITs) and Communications Services stocks. The only S&P/ASX 200 sector to go lower in Q4 FY25 (and then only just) was Materials. The Small Ordinaries advanced by around 8% over the quarter. The gains reported by major US stock benchmarks over Q4 FY25 were even more spectacular (S&P 500: +10.6%; NASDAQ: +17.8%), as fears of an economic slowdown subsided and stocks leveraged to the AI boom, like Nvidia and Microsoft, surged back.
- Geopolitical concerns and trade war worries brushed aside. Markets breathed a sigh of relief, when the Trump administration did not follow through with threats (at least immediately!) to impose a raft of ‘reciprocal trade tariffs’. Investor cautiousness also faded as Middle East tensions were reduced, which took some of the heat out of oil prices, Both these developments put a lid on inflationary expectations, which had previously raised concerns that major central banks would hold off on any further near-term monetary policy easings. In key domestic news, the RBA’s benchmark interest rate was cut by 25 basis points to 3.85% in May 2025, while Australia’s annual (through the year) GDP growth was a below expectations 1.3% in the March 2025 quarter.
- 9 new companies listed on the ASX in Q4 FY2025, details of which are provided in the attached table. Two of these stocks have market caps of greater than $2 billion.
- Less than half of Q4 FY2025 IPOs were mining-related. 4 of the IPOs listing in Q4 FY25 were Materials sector stocks, including Greatland Resources, which boasts a current market cap of around $4.7b. The other large IPO in the quarter was airline Virgin Australia, which returned to the ASX after delisting back in late 2020. The remaining Q4 FY2025 IPOs operate in the Financial Services, Industrials and Health Care sectors.
- Share prices for Q4 FY25 IPOs are mostly higher since listing. As at early July 2025, 7 of the 9 Q4 FY2025 IPOs were higher, with the standout performer being Tetratherix, which has surged by 50%+. The only material decliner was LinQ Minerals, which has dropped by around 15%.
- IPO market set to start FY2026 on a cautious note. Just 4 new IPOs are currently expected to list in Q1 FY2026, with all planning relatively small IPO raises. Three of these stocks are small cap mineral exploration companies, while one is a software services company.
IPO listings by market cap since start of Q4 FY2025
| Company | ASX Code | Market Cap (AU$M) |
| Greatland Resources Ltd | GGP | 4,710.0 |
| Virgin Australia Holdings Ltd | VGN | 2430.0 |
| Robex Resources Inc. | RXR | 774.5 |
| La Trobe Private Credit Fund | LF1 | 303.0 |
| Infragreen Group Ltd | IFN | 250.7 |
| Tetratherix Ltd | TTX | 195.3 |
| WAM Income Maximiser Ltd | WMX | 167.2 |
| VBX Ltd | VBX | 51.9 |
| LinQ Minerals Ltd | LNQ | 28.1 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| Ballard Mining | Mineral exploration & development | 510.0 |
| Stepchange Holdings | Software services | 14.0 |
| Everlast Minerals | Mineral sands exporation | 8.0 |
| Tali Resources | Mineral exploration | 7.5 |
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