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 $225m.
IPO listings by market cap since start of Q2 CY2023
| Company | ASX Code | Market Cap (AU$m) |
| Redox Limited | RDX | 1,210 |
| NGX Limited | NGX | 20 |
| Augustus Minerals Limited | AUG | 19 |
| Evergreen Lithium Limited | EG1 | 17 |
| Iltani Resources Limited | ILT | 10 |
| Chilwa Minerals Limited | CHW | 9 |
| Dy6 Metals Limited | DY6 | 8 |
| Australian Critical Minerals Limited | ACM | 6 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| Abacus Storage King | Self Storage | 225 |
| CurveBeam AI | Medical imaging | 25 |
| Ashby Mining | Mineral exploration/processing | 15 |
| Cleo Diagnostics | Medical diagnostics | 12 |
| James Bay Minerals | Lithium | 6 |
| XLR8 Metals | Nickel | 5.5 |
| Dragonfly Biosciences | Cannabidiol | 5 |
| Great Divide Mining | Mineral exploration | 5 |
| Mining Green Metals | Mineral exploration | 5 |
| Western Australia Energy Resources | Mineral exploration | 5 |
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.
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