The Outlook for New Company Listings on ASX in 2025 and What it Means for Australian Investor Sentiment

After a period of subdued activity, investment banks are optimistic about a revival in IPOs in 2025, supported by anticipated interest rate cuts and strong market valuations.

A Robust IPO Pipeline for 2025

The Australian Initial Public Offer (IPO) market is poised for a promising year in 2025, building on the strong momentum established in 2024 which saw 67 new companies listed on the Australian Securities Exchange (ASX), a nearly 50% increase from the 45 IPOs in 2023.

So far in 2025 we’ve seen Australia’s largest pharmacy chain, Chemist Warehouse, successfully list on the ASX through a merger with Sigma Healthcare in mid-February. This merger, valued at approximately $34 billion, positions Chemist Warehouse among the top 20 companies on the exchange by market capitalisation.

Looking ahead, the new listings pipeline for 2025 includes:

• United H2 Limited: A hydrogen-focused company developing and commercializing hydrogen-related businesses, planning an IPO possibly by March 2025.
• Stormeur Limited: Set to list on 03 June 2025, Stormeur Ltd is positioned to bring its innovative solutions to the market.
• Marimaca Copper Corp: Scheduled for listing on 13 March 2025, this company is anticipated to capitalize on the strong demand in the mining and resources sector.
• Dominion Income Trust 1: A listed investment trust planning to raise $300 million, with an expected listing date of March 4, 2025.
• HaemaLogiX: An Australian biotech company specialising in treatments for multiple myeloma, aiming to raise $50 million in an IPO slated for April 2025.
• Burrendong Minerals Limited: Scheduled to list on April 9, 2025, focusing on mineral exploration with a capital raise of $6 million.
• Greatland Gold: Investability’s client, London-listed Greatland Gold, is planning to list on the ASX by mid-2025, after acquiring Newmont Mining’s stakes in the Telfer and Havieron gold and copper assets for$US475 million (A$713 million). Greatland’s gold and copper production volumes position it among the top five ASX-listed gold producers and Managing Director, Shaun Day, confirmed that Australian investors have shown strong demand for the company’s dual listing strategy.

Despite being a short list, the variety of companies set to make their ASX market debut reflects the diversity of the Australian economy. Resource-driven companies like Greatland Gold, Burrendong Minerals, and Marimaca Copper highlight continued investor interest in Australia’s mining sector, particularly amidst strong commodity demand (especially for gold). Meanwhile, biotech firms like HaemaLogiX and energy innovators like United H2 and Stormeur Ltd demonstrate the ASX’s growing appeal to technology and renewable energy companies.

Challenges and Considerations

Despite the positive outlook, potential headwinds remain. Market volatility, interest rate fluctuations and geopolitical uncertainties could dampen investor appetite or delay planned listings. Companies considering an IPO in 2025 will need to demonstrate resilience and a clear strategic direction to appeal to investors.

Additionally, regulatory oversight will be critical in maintaining market integrity. The ASX must continue to support companies with clear guidelines and streamlined processes to ensure a seamless transition to public markets. Recent discussions have emphasised the need to expedite the IPO process to maintain the exchange’s competitiveness.

Conclusion

A healthy IPO market often serves as a barometer of economic confidence, reflecting strong corporate activity and a stable investment environment. After a period of subdued activity, investment banks are optimistic about a revival in IPOs in 2025, driven by anticipated interest rate cuts and robust market valuations. 2024 saw 67 new companies listed on the ASX, a nearly 50% increase from the 45 IPOs in 2023. Similarly, equity capital markets saw a 23% increase in capital raising activity in 2024, reaching A$20 billion, with technology, digital infrastructure, energy and real estate leading the surge.

A resurgence in IPO activity would signal renewed confidence in Australia’s financial markets. However, potential headwinds—including market volatility, interest rate fluctuations, and geopolitical uncertainties—could dampen investor appetite for new listings. As a result, timing and strong secondary market support will be essential for companies considering an ASX IPO.

Ready to make the most of 2025’s IPO opportunities? Contact Investability to discover how we can help you navigate the market and make informed investment decisions.