IPO Network Releases September 2023 Quarter ASX IPOs Report

FRIDAY 6 OCTOBER 2023: The IPO Network  is pleased to release the September 2023 quarterly report of companies listing on the ASX, highlighting IPO activity in the third 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 stronger in the September 2023 quarter (Q1 FY2024), with 10 new stocks undertaking IPOs over the quarter. This was double the total number of stocks listing on the ASX in the previous quarter, However, putting things in perspective, this Q1 FY2024 total was shy of the 13 new IPOs occurring in the September 2022 quarter (Q1 FY2023).

Market Commentary

  • The Australian stock market declines. Key Australian equity indexes recorded 2%+ falls in Q1 FY2024, with selling evident across many industrial sectors (Healthcare, Consumer Staples and Materials especially). The Small Ordinaries benchmark led the way lower with a near 4% decline. Major US bellwether indexes also retreated over Q1 FY2024.
  • Higher energy prices rekindle Inflationary pressures. Most central banks left their benchmark interest rates unchanged at recent policy setting meetings, as signs emerged that earlier rate hikes have slowed consumer spending. However, key money market and fixed interest futures still factor in further modest rate increases at upcoming monetary policy meetings. This on concerns about the potential inflationary effects of the recent spike in oil prices (that jumped by around 30% in Q1 FY2024) and accelerating wages growth. Geopolitical concerns (the Russia/Ukraine war and US Congress leadership ructions included) remain in the background.
  • 10 IPOs occurred the ASX in Q1 FY2024, details of which are provided in the attached table. 2 of these new companies have market capitalisations in excess of A$1.0 billion (Abacus Storage King and Redox).
  • 6 of the 10 new listings over the period were Materials sector stocks, with five of these in the Diversified Metals & Mining sub-industry grouping. Of the remaining 4 Q1 FY2024 IPOs, 2 were in Health Care, 1 in Industrials and 1 in Real Estate.
  • Performance of Q1 FY2024 IPOs has been mixed since listing. As at early October 2023, 6 of these 10 companies were trading above their respective IPO issue prices.
  • No near-term rebound is expected in Australia’s IPO market. Only 12 new IPOs are expected to list over coming months, with 10 of these being Materials sector stocks. The largest near-term IPO in the pipeline is Nido Education, with an expected raise of around $99m.

IPO listings by market cap since start of Q2 CY2023

CompanyASX CodeMarket Cap (AU$M)
Abacus Storage KingASK1,370
Redox LimitedRDX1,130
Curvebeam Ai LimitedCVB69
Pioneer Lithium LimitedPLN17
James Bay Minerals LimitedJBY12
Cleo Diagnostics LimitedCOV12
Australian Critical Minerals LimitedACM9
Novo Resources CorpNVO9
Great Divide Mining LimitedGDM8
Chilwa Minerals LimitedCHW8

Potential IPO pipeline

CompanyFocusSize (AU$m)
Nido EducationEducation99
Midwest LithiumLithium17
Chariot CorporationLithium15.5
Ashby MiningMineral exploration/processing15
Tolu MineralsMineral exploration15
CGN ResourcesMineral exploration10
Far Northern ResourcesMineral exploration6
Golden Globe ResourcesMineral exploration6
XLR8 MetalsNickel5.5
Great Dirt ResourcesMineral exploration5
Western Australia Energy ResourcesMineral exploration5
Freedom Care GroupHealthcare services3.2

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:


While every care and diligence has been used in the collection and preparation of the information in this publication, we are not responsible to you or anyone else for any loss suffered in connection with the use of this content. Where liability cannot be excluded, any liability incurred by us in relation to your use of the content is limited to the extent permitted by law. We are not responsible for any errors, including those caused by negligence, in the material.

The information provided in this publication is not intended to constitute business or other professional advice. We make no statements, representations or warranties about the accuracy or completeness of the information and you should not rely on it.

© Copyright 2023 IPO Network