The latent IPO market began to stir in 2025 as the local stock exchange welcomed 19 Western Australian-linked companies to its board, dominated by the miners.
The latent IPO market began to stir in 2025 as the local stock exchange welcomed 19 Western Australian-linked companies to its board, dominated by the miners.
A total of 35 companies debuted on the Australian Securities Exchange in the calendar year, with Western Australia leading the pack with 19 new listings, HLB Mann Judd's IPO outlook report outlines.
Although the total number of Australian listings remained well below what was the annual average of 83, it marked a modest increase from the 29 debuts in 2024, and 23 listings in 2023.
But it also represented an increase in the number of WA listings from the 10 floats recorded in 2024.
The total amount of funds raised contracted to $3.2 billion, down from the $4.1 billion collected in 2024, amid a higher percentage of small cap listings last year.
HLB Mann Judd outlined that while the IPO market began to show signs of recovery following a muted three years, the pipeline of new listings remained soft.
ASIC has moved to streamline the timeframe for IPOs, but the firm noted the ASX listing process was still perceived costly and complex.
The report highlighted that Western Australia was the leading jurisdiction for companies listing on the local bourse, due to the state’s lucrative resources sector.
Western Australian IPOs in 2025:
The biggest WA IPO of the year was Greatland Resources’ $490 million raise before hitting the market in June and now has a nearly doubled market capitalisation of $7.99 billion.
Canadian-based gold play Robex Resources’ $120 million secondary listing was the second largest for the full year, followed by BMC Minerals’ $100 million float.
Both are Canadian-incorporated companies and were part of an influx of North American mining companies to seek a listing on the ASX in 2025.
The only two non-mining Western Australian companies to list were software and services firm StepChange Holdings and biotechnology developer Nexsen Limited.
HLB Mann Judd Perth partner Brad McVeigh said the IPO results demonstrated the high liquidity and investor appetite in the resources sector, particularly for gold plays.
“The overall equity market for resources companies has been red hot, with a number of instances of companies launching capital raises and closing the book just an hour later due to overwhelming demand,” he said.
Mr McVeigh added that now was an attractive time particularly for precious metals miners to list, which was in contrast to the broader IPO market.
“The role of gold as a safe haven in turbulent times is well documented and long standing but the sustained surge in price is frankly mind boggling,” he said.
“Since we compiled IPO Watch, gold prices have moved sharply in both directions, rallying strongly through late January before pulling back in early February, highlighting the level of volatility currently present in the market.”
Mr McVeigh said supportive equities markets and demand drivers were pointing towards more IPOs occurring in 2026.
Speaking to Business News for the bi-annual corporate finance feature, Barrenjoey’s Paul Early said the IPO market was open again, particularly in the mining and metals sector.
WA companies spinning out non-core assets through a demerger and concurrent IPO was another theme pointed to by some of Perth’s corporate finance partners.
Westgold is in the process of divesting several non-core gold assets into a new company named Valiant Gold, which is expected to hit the boards next quarter.
Delta Lithium also carved out its gold assets into a new entity named Ballard Mining, which holds the Mt Ida gold asset while it focuses on lithium.
Argonaut’s chief executive Greg Southee said smart, multi-commodity companies were seeking to extract more value.
“Even though there’s an ongoing focus on consolidation and natural resource companies all wanting to be bigger to attract more capital and index inclusion, it is worth noting that some of the sharper companies are also looking at how to optimise their portfolios,” he said.
“[Companies are thinking] we don’t need to own all the assets directly.
“There are potentially smarter ways to unlock value for shareholders and focus on the materiality of what's actually going to move the needle for our shareholders.”
