FRIDAY 9 January 2026: The IPO Network is pleased to release the December 2025 quarterly report of companies listing on the ASX, highlighting IPO activity in the second quarter of FY2026.
IPO’s in Review
A quarterly summary of companies listing on the ASX
There were 20 new listings on the Australian Securities Exchange (ASX) over the December 2025 quarter (Q2 FY2026). The largest stock joining the ASX over the quarter was Saluda Medical, which currently has a market cap of around $305m after suffering a selldown post‑listing.
Market Commentary
- Local and overseas stock benchmarks were mixed in Q2 FY2026. Australia’s S&P/ASX 200 and All Ordinaries indexes fell by 1.5% and 1.3% respectively, driven largely by a steep 26% decline in the Information Technology sector and weakness in Financials (excluding A‑REITs), with several major banks—particularly CBA—retreating. Materials was the only S&P/ASX 200 sector to post a strong gain, supported by rising metals prices, including a more than 15% rise in copper and another double‑digit increase in gold. The Small Ordinaries outperformed, lifted by strength in small‑cap resource stocks, while US markets held up relatively well, with both the S&P 500 and NASDAQ gaining around 2.5% over the quarter.
- Sector and stock rotation continued as policy uncertainty lingered. In the US, major IT stocks were mixed despite growing adoption of advanced AI technologies, whereas buying interest flowed into Materials stocks on the back of stronger metal prices. Investor sentiment improved with two 25‑basis‑point cuts to the Federal Funds Rate during Q2 FY2026, although additional cuts in 2026 remain uncertain due to inflation remaining above the Fed’s long‑term target. In Australia, the RBA held the cash rate steady at 3.6% across Q2, though expectations have increased for a potential rate hike in early 2026. Geopolitical tensions had a muted effect during the quarter but intensified in early Q3 FY2026, prompting renewed demand for safe‑haven assets such as gold and silver.
- 20 companies listed on the ASX in Q2 FY2026, details of which are provided in the attached table. Four that raised $100 million or more.
- More than half of Q2 FY2026 IPOs were mining-related. 12 of the 20 IPOs listing in Q2 FY2026 were mineral sector stocks. However, 3 of the 4 largest IPOs over the quarter were Health Care or Industrials companies, namely Saluda Medical, Advanced Innergy Holdings and Epiminder
- Price movements for Q2 FY2026 IPOS have been mixing post listing. As at mid January 2026, just 11 of the 20 Q2 FY2026 IPOS were higher. Most of these gainers were resources sector stocks, The worst performer has been Saluda Medical, which is now 50%+ below its IPO price
- A subdued IPO market currently expected in Q3 FY2026. As at mid-January 2026, just three new IPO’s are set to list in Q3 FY2026, with all planning relatively small sub $10m IPO raises. All three of these prospective IPO stocks are mineral exploration companies.
IPO listings by market cap since start of Q2 FY2026
| Company | ASX Code | Market Cap (AU$M) |
| Saluda Medical Ltd | SLD | 230.8 |
| Advanced Innergy Holdings Ltd | AIH | 150.0 |
| Epiminder Ltd | EPI | 125.0 |
| BMC Minerals Ltd | BMC | 100.0 |
| Carma Ltd | CMA | 70.0 |
| 6K Additive Inc | 6KA | 48.0 |
| Advanced Energy Minerals Ltd | AEM | 44.8 |
| Sea Forest Ltd | SEA | 20.5 |
| Equus Energy Ltd | EQU | 15.0 |
| PC Gold Ltd | PC2 | 13.4 |
| Sentinel Metals Ltd | SNM | 10.0 |
| Right Resources Ltd | RRE | 10.0 |
| Moonlight Resources Ltd | ML8 | 10.0 |
| Golden Globe Resources Ltd | GGR | 8.5 |
| Black Horse Mining Ltd | BHL | 8.0 |
| Nexsen Ltd | NXN | 8.0 |
| Green & Gold Minerals Ltd | GG1 | 5.7 |
| Desert Minerals Ltd | DSM | 5.0 |
| Exultant Mining Ltd | 10X | 5.0 |
| Golden Dragon Mining Ltd | GDR | 5.0 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| Macallum New Energy Ltd | Oil & gas exploration | 9.0 |
| Barkly Rare Earths Ltd | Mineral exploration | 8.0 |
| Eastern Gas Corporation Ltd | Gas exploration | 5.5 |
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