IPO Network Releases June 2023 Quarter ASX IPOs Report

By 11/08/2023 October 6th, 2023 No Comments

THURSDAY 3 AUGUST 2023: The IPO Network  is pleased to release the June 2023 quarterly report of companies listing on the ASX, highlighting IPO activity in the second quarter of 2023.

IPO’s in Review

A quarterly summary of companies listing on the ASX

New listing activity in the Australian stock market was again relatively muted in the June 2023 quarter (Q4 FY2023). Just 5 new stocks listed on the ASX in Q4 FY2023, while another 3 IPOs were completed early in the following quarter.

Market Commentary

  • The Australian stock market inches higher. Key Australian equity indexes recorded sub-1% gains in Q4 FY2023, failing to match the strong gains seen in the US market over this time. On a brighter note, local stock indexes were materially higher early in Q1 FY2024.
  • Some economic uncertainties persist. In a recent positive development, signs of a levelling out in inflationary pressures have emerged, which have seen money markets wind back expectations of central bank rate hikes over coming months. However, many economists are continuing to monitor labour market indicators for any evidence of a wage/price spiral. The overall economic outlook continues to be clouded by the release of patchy forward indicators and ongoing geopolitical concerns (the Russia/Ukraine war included).
  • Only 8 new companies have joined the ASX since the start of Q4 FY2023, details of which are provided in the attached table (3 of these in very early Q1 FY2024).
  • 7 of the 8 new listings over the period were Materials sector stocks – all in the Metals & Mining industrial category. The remaining IPO was Redox, an Industrials sector stock.
  • Most of these recent IPOs have rallied since listing. As at late July 2023, 6 of these 8 companies were trading above their respective IPO issue prices.
  • The IPO market to remain subdued in Q1 FY2024. Just 10 new IPOs are expected to list over coming months, with 6 of these being Materials sector stocks. The largest near-term IPO in the pipeline is Abacus Storage King, with an expected market cap of around $225m.

IPO listings by market cap since start of Q2 CY2023

CompanyASX CodeMarket Cap (AU$m)
Redox LimitedRDX1,210
NGX LimitedNGX20
Augustus Minerals LimitedAUG19
Evergreen Lithium LimitedEG117
Iltani Resources LimitedILT10
Chilwa Minerals LimitedCHW9
Dy6 Metals LimitedDY68
Australian Critical Minerals LimitedACM6

Potential IPO pipeline

CompanyFocusSize (AU$m)
Abacus Storage KingSelf Storage225
CurveBeam AIMedical imaging25
Ashby MiningMineral exploration/processing15
Cleo DiagnosticsMedical diagnostics12
James Bay MineralsLithium6
XLR8 MetalsNickel5.5
Dragonfly BiosciencesCannabidiol5
Great Divide MiningMineral exploration5
Mining Green MetalsMineral exploration5
Western Australia Energy ResourcesMineral exploration5

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