FRIDAY 3 October 2025: The IPO Network is pleased to release the September 2025 quarterly report of companies listing on the ASX, highlighting IPO activity in the first quarter of FY2026.
IPO’s in Review
A quarterly summary of companies listing on the ASX
There were 8 new listings on the Australian Securities Exchange (ASX) over the September 2025
quarter (Q1 FY2026). The largest stock joining the ASX over the quarter was GemLife Communities
Corp, with its market cap currently around $1.83b.
Market Commentary
- Stock benchmarks again advance in Q1 FY2026. Australian equity indexes recorded further gains in Q1 FY2026. The S&P/ASX 200 rose by around 4%, adding to its prior quarter bounce. This increase was headlined by a 18% surge in the Materials sector. Other well-performed S&P/ASX 200 sectors over Q1 FY2026 were Utilities and Consumer Discretionary (with both recording near 10% gains). The only S&P/ASX 200 sector to go 10%+ lower in Q1 FY2026 was Health Care. The Small Ordinaries was a star performer over Q1 FY2026, booking a near 15% jump. In the US market, the S&P 500 rose by 8% and the NASDAQ by 11%, adding to the double digit percent gains by both these benchmarks in the preceding quarter.
- Allure of AI boom and talk of further rate cuts feed stock rallies. Ongoing investor interest in IT stocks leveraged to the long-running AI boom plus expectations of additional reductions in central bank interest rates over coming months (both in the US and elsewhere) helped underwrite Q1 FY2026 stock market rallies. For its part, RBA lowered its benchmark rate by 25bps to 3.60% at its August monetary policy meeting, with further reductions looking to be dependent on upcoming CPI reports. While stock markets have advanced strongly, so too has the gold price – this as many investors voice concerns about the inflation outlook, the unresolved US government shut-down, rising government debt levels and still simmering trade tariff tensions (which have recently re-ignited, this time with a rare earths-related thematic).
- 8 new companies listed on the ASX in Q1 FY2026, details of which are provided in the attached table. Two of these stocks had IPO raises of $400m or greater
- The majority of Q1 FY2026 IPOs were mining-related. 5 of the 8 IPOs listing in Q1 FY2026 were Materials sector stocks. However, the 2 largest IPOs over the quarter were Property group GemLife Communities Corp (current market cap: $1.83b) and Financial Services business Revolution Private Credit Income Trust (current market cap: $402m).
- Share prices for Q1 FY2026 IPOs are mostly higher since listing. As at mid October 2025, 7 of the 8 Q1 FY2026 IPOs were higher. The strongest performer has been Tali Resources, which has ratcheted up by almost 90% since listing. The only decliner has been Stepchange Holdings, which is now 30%+ below its IPO price.
- IPO market set to remain active in Q2 FY2026. 10 new IPOs are set to list in Q2 FY2026, with all planning relatively small sub $15m IPO raises. While most of these prospective IPO stocks are mineral exploration companies, the list also includes I biotech and 1 info technology business.
IPO listings by market cap since start of Q1 FY2026
| Company | ASX Code | Market Cap (AU$M) |
| GemLife Communities Group | GLF | 750 |
| Revolution Private Credit Income Trust | REV | 400 |
| Orezone Gold Corporation | ORE | 75 |
| Ballard Mining Ltd | BM1 | 30 |
| Stephchange Holdings Ltd | STH | 14.7 |
| Ariana Resources PLC | AA2 | 11 |
| Tali Resources Ltd | TR2 | 7.5 |
| Everlast Minerals Ltd | EV8 | 6 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| PC Gold Ltd | Mineral exploration | 15 |
| Temas Resources Corp | Mineral exploration | 11 |
| Right Resources Ltd | Mineral exploration | 10 |
| Sentinel Metals Ltd | Mineral exploration | 10 |
| Golden Globe Resources Ltd | Mineral exploration | 8.5 |
| Black Horse Mining Ltd | Mineral exploration | 8 |
| Nexsen Ltd | Mineral exploration | 6 |
| Golden Dragon Mining Ltd | Mineral exploration | 5 |
| Desert Minerals Ltd | Mineral exploration | 5 |
| Black Pearl Group Ltd | Info Technology (cloud services) | N/A |
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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