FRIDAY 5 APRIL 2024: The IPO Network is pleased to release the March 2024 quarterly report of companies listing on the ASX, highlighting IPO activity in the third quarter of FY2023.
IPO’s in Review
A quarterly summary of companies listing on the ASX
New listing activity in the Australian stock market was again quite subdued in the March 2024
quarter (Q3 FY2024). Just 5 new stocks listed on the ASX in Q3 FY2024, while one additional IPO
was completed early in the following quarter.
Market Commentary
- The Australian stock market advances. While key Australian equity indexes reported respectable gains over Q3 FY2024, these fell short of the strong increases seen on US bourses. The S&P/ASX 200 advanced by around 4%, led by solid buying across its Financials, Consumer Discretionary, Real Estate and Financials sectors. However, the all-important Materials sector was a key laggard, as some key metal prices, iron ore especially, went lower.
- The economic outlook is a mixed bag. In a clear sentiment positive, inflation indicators have trended lower of late, feeding hopes that the next move in Australian and US central bank rates will be lower. However, the timing of any such cuts by the RBA remains uncertain, in the face of stronger capital city dwelling prices and robust labour markets stats (wages growth especially). Geopolitical concerns, headed by the ongoing Russia/Ukraine conflict and the recent uptick in Middle East tensions, together with a still underperforming Chinese economy have and should continue to make for volatile trading in our all-important energy and resources sectors.
- Only 5 new companies listed on the ASX in Q3 FY2024, details of which are provided in the attached table (one additional IPO occurred in very early Q4 FY2024).
- 4 of the 5 new listings over the period were Materials sector stocks – all in the Metals & Mining industrial category. The remaining IPO was The Australian Wealth Advisors Group, aCapital Markets-focused Financials sector stock.
- The majority of these recent IPOs have rallied since listing. As at early April 2024, 3 of these 5 recently listed companies were trading materially above their respective IPO issue prices.
- The IPO market should remain quiet in Q4 FY2024. Just 4 new IPOs are set to list over Q4 FY2024. Medtech Blinklab has got the ball rolling here, listing on 4 April. The three other pending near-term IPOs (with their industrial sector in brackets) are:: D3 Energy (Oil & Gas), Far Northern Resources (Mineral Exploration) and Tasmea (Maintenance & Engineering).
IPO listings by market cap since start of Q3 FY2023
| Company | ASX Code | Market Cap (AU$M) |
| Metals Acquisition Limited | MAC | 421 |
| Kali Metals Limited | KM1 | 32 |
| The Australian Wealth Advisors Group Limited | WAG | 23 |
| Infini Resources Limited | I88 | 6 |
| Litchfield Minerals Limited | LMS | 4 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| Tasmea Limited | Maintenance & engineering | 59 |
| D3 Energy Limited | Oil & gas | 10 |
| Blinklab Limited | Mineral exploration | 7 |
| Far Northern Resources Limited | Mining Exploration | 6 |
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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.
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