FRIDAY 10 January 2025: The IPO Network is pleased to release the December 2024 quarterly report of companies listing on the ASX, highlighting IPO activity in the second quarter of FY2025.
IPO’s in Review
A quarterly summary of companies listing on the ASX
New
listing activity in the Australian stock market (ASX) accelerated over the December 2024
quarter (Q2 FY2025), with 11 new stocks listing over this period. The largest stock joining the ASX
over Q2 FY2025 was the Digico Infrastructure REIT, with its current market cap around $2.45B.
Market Commentary
- Australian stock market benchmarks slip over Q2 FY2025. Key domestic equity indexes booked modest declines over Q2 FY2025. The S&P/ASX 200 and Small Ordinaries indexes lost around 1.4% over the quarter, with the former index dragged into the red by falls in our all-important Materials and Energy sectors. The S&P/ASX 200’s quarterly decline would have been larger but for healthy gains in its Financial Services (ex REITs) and Industrials sectors. The A$ depreciated by around 10% over the quarter (to just above US$0.62). On a brighter note, major US stock benchmarks (S&P 500: +2%; NASDAQ: +6%) booked good rallies over Q2 FY2025
- US investors shrug off ongoing global macro and geopolitical concerns. US stock markets rallied despite (1) a still soft Chinese economy (2) uncertainty over economic initiatives set to be implemented by the new Trump administration (tariffs included) and (3) a raft of geopolitical uncertainties (that now extend beyond the long-running Ukraine and Middle East conflicts). In Australia, the latest RBA rates decision commentary left the door ajar to a first half calendar 2025 rate cut by our central bank. The pending December 2024 quarter Australian CPI release, which issues just ahead of the next RBA meeting on 18 February 2025, could impact the Bank’s next rate decision. Another key domestic ‘factor x’ is the next Federal election, due before May 2025.
- 11 new companies listed on the ASX in Q2 FY2025, details of which are provided in the attached table. 5 of these stocks have market caps greater than $200 million
- Q2 FY2025 IPOs were spread across several industrial sectors. Three of the 11 Q2 FY2025 IPO stocks were Materials sector companies. The remaining IPOs were Property, Financial Services, Industrials, Health Care and Consumer Discretionary stocks.
- Almost all of these recent IPOs have retreated since listing. As at mid-January 2025, 9 of the 11 companies listing in Q2 FY2025 were trading below their respective IPO issue prices. The only 2 to be up since listing were Cuscal and Fulcrum Lithium (with gains of 5% and 2% respectively).
- The quieter IPO market expected in Q3 FY2025. Just 3 new IPOs are currently expected to list in Q3 FY2025. 2 are metals & mining sector companies The other prospective IPO is cosmetic clinic business Stormeur.
IPO listings by market cap since start of Q2 FY2025
| Company | ASX Code | Market Cap (AU$M) |
| Digico Infrastructure REIT | DGT | 2,450 |
| Cuscal Limited | CCL | 466 |
| Symal Group Limited | SYL | 407 |
| Metrics Real Estate Multi-Strategy Fund | MRE | 297 |
| Whitefield Income Limited | WHI | 205 |
| Vitrafy Life Sciences Limited | VFY | 67 |
| Golden Horse Minerals Limited | GHM | 34 |
| Renerve Limited | RNV | 15 |
| Fulcrum Lithium Limited | FUL | 14 |
| Merino & Co Limited | MNC | 12 |
| Mount Hope Mining Limited | MHN | 5 |
Potential IPO pipeline
| Company | Focus | Size (AU$m) |
| Siguiri Gold Corp | Mineral exploration | 10.0 |
| Stormeur | Cosmetic | 10.0 |
| Burrendong Minerals | Mineral exploration | 6.0 |
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