IPO Watch Australia: Low volumes in 2024

Australia's IPO market in 2024 saw its lowest activity in two decades with only 29 listings on the Australian Securities Exchange (ASX). At the same time, it also experienced a considerable increase in funds raised compared to 2023. Total funds raised surged 387% to $4.1 billion, compared to $847 million in 2023.

HLB Mann Judd’s annual IPO Watch Australia Report analyses IPO activity over the past 12 months on a number of key metrics, including listing volume, share price performance, industry spread and overall trends, as well as a review of the pipeline for the year ahead.

The poor listing volumes reflects another challenging year for IPOs globally, with significant macro and political factors affecting markets. While most exchanges saw a rise in listing activity in 2024, average volumes were still lower than pre-covid years.

Across the pond, the London Stock Exchange experienced low volumes with just 18 listings in 2024. Singapore also experienced its lowest activity in a decade with four listings.

In more positive news for the Australian market, there were 11 large cap listings in 2024 compared to seven in 2023. These large caps contributed 96% of the total funds raised, with three listings with market caps in excess of $1 billion which collectively raised $2.7 billion.

This activity aligned with the global markets. S&P Global stated that total global proceeds for 2024 hit a three-year high, totalling $531 billion across 5,624 closed offerings. This represents a 22.3% increase in capital raised compared to 2023.

The Materials sector, primarily composed of junior mining companies, continued to dominate the Australian IPO market. The sector represented 45% of the total IPOs for the year; however, this was a decline from 72% in 2023 and was also well-below the five year average of 56%.

The decline in the number of Materials companies listing was largely due to unfavourable conditions for battery metals. Lithium prices fell by nearly 70% during the year, and nickel dropped from highs of over US$20,000 to below the US$16,000 per metric tonne, leading to the closure of some nickel mines.

In terms of commodity price performance within the Materials sector, gold proved to be the standout in 2024. The price of gold broke through the US$2,000 per ounce mark in March and continued to rise throughout the year. Whilst gold is traditionally viewed as a hedge against inflation, geopolitical uncertainty likely played a significant role in driving demand. Looking ahead, it is likely gold prices will remain steady or possibly rise and hit US$3,000 an ounce.

At the time of writing the 2025 IPO Watch Australia Report, only three upcoming floats were registered with the ASX, with the highest amount sought being just $10 million. However, there are indications that there is an increase in early stage IPO activity. There is also much anticipation for Chemist Warehouse’s debut on the ASX in February. The backdoor listing will be the largest listing on the ASX by market capitalisation at $29 billion.  

The New York Stock Exchange and Nasdaq have indicated 2025 will be a bigger year, with expectations from industry analysts that the IPO pipeline will double. The UK, Indian and South African exchanges have also expressed expectations of a surge in listings in the year ahead.

About IPO Watch Australia

First published in 2004, IPO Watch Australia is a benchmarking-based report. The research, led by HLB Mann Judd Perth, analyses Australian listing activity. The primary report is released in January each year, analysing IPO activity over the previous 12-month period. It includes commentary and data analysis on share price performance, sector analysis, IPO subscription rates, a review of activity by quarter and an outlook for the year ahead.