IPOs in review: First half of 2026

The first half of calendar year 2026 represented a cautious six months for IPOs on ASX, amidst the background of geopolitical tensions and significant divergence between sectors.

Despite this backdrop, IPO candidates with compelling growth stories and strong sector thematics – particularly issuers exposed to AI-adjacent and defence related growth opportunities – performed strongly.

Here are some quick takeaways from IPOs in the first half of calendar year 2026:

1. IPO momentum hamstrung by geopolitical tensions:

• 17 companies listed on ASX in the first six months of 2026, up 50% from the prior corresponding period. However, average and total capital raised was down to an average of $91 million and total of $1.55 billion raised (1HCY2025 average $224 million, total $2.46 billion). IPO markets were again buffeted by geopolitical tensions in the Middle East, significant disruption in the technology and healthcare sectors and global dynamics in the private credit space.
• Some major companies who had been reported to be contemplating an ASX-listing or conducting a dual track process chose the certainty of a trade sale over public markets (for example, i-MED and Estia Health, with TPG also in talks to sell Greencross to Coles), while others have been reported to delay their plans (for example, New Aim and BlackBull).

2. Strong sector thematics: Despite the headwinds, IPO candidates with compelling growth stories and strong sector thematics were still able to execute successful IPOs. In particular: 

• In the earlier part of 2026, gold explorers took advantage of the historically high gold price with seven gold-focused issuers listing on ASX. The largest of these was L1 Gold Fund Ltd, which raised $950 million for a gold-focused investment fund (the largest raising of this year). Gold explorers MB Gold Ltd, 49 Metals Ltd, Bison Resources Ltd, Kaoko Metals Ltd, Unity Metals Ltd and Valiant Gold Ltd also featured.
• AI-adjacent growth and defence related stocks, including critical minerals explorers Daly Resources Ltd and Barkly Rare Earths Ltd, unmanned aerospace platform manufacturer KTEK Aerosystems Ltd and aerial target drone producer Boresight Limited all listed.
• We expect these AI thematics to continue into the second half of 2026, with the Pengana managed AI Private Opportunities Trust listing on 2 July 2026 and FDC Consolidated Holdings Limited (which is exposed to the data centre buildout) listing on 9 July 2026.
• Rounding out the sector thematic was retail representation from The Koala Company Ltd and SkinKandy Ltd, oil and gas explorers Eastern Gas Corporation Ltd and Macallum New Energy Ltd and stabilised income funds Kapstream Investment Trust and Solaris Australian Equity Income Plus Ltd.

3. Lower levels of sell-down:

• Consistent with the prevalence of mining and energy explorers and growth-related stocks, IPOs were largely raising capital to deploy in exploration and development and other growth-related expenditure.
• The exceptions to this were Koala and SkinKandy, whose raisings were predominantly secondary sales.
• Koala had a relatively small offer size and small sell-down of $48 million (for a $300 million+ market capitalisation on listing), with the founders and fund manager Perennial Partners having their remaining shares escrowed 50% to mid-2027 and 50% to mid-2028 (with an early release mechanism for 25% if the 10-day VWAP hits 120% of the IPO price post-31 December 2026). This example reflects a growing trend of successful IPOs having smaller offer sizes and smaller sell downs, with the opportunity for further sell down via block trade post-IPO – as previously reported in our 2023 ECM Review. A recent example of this trend was the $84 million block trade by BMC (UK) No. 1 Limited (a holding company for Global Natural Resource Investments and founders) of a 10% interest in BMC Minerals Ltd at $2.85 per share (a 42.5% premium to the IPO price), having listed on ASX in December 2025.

4. SpaceX: The SpaceX IPO was so big it deserves its own takeaway, even if its stock isn’t trading on ASX. The size and global reach of the SpaceX IPO, as well as the significant take up from Australian retail investors (at least US$300 million), have been well documented. This enthusiastic retail participation sits interestingly with the level of detail in the Australian wrap on the risks associated with the business, the wrap’s further explanation of the US$28.5 trillion total addressable market mentioned in the S-1 prospectus and the limited voting rights and protections which Australian shareholders would be afforded relative to ASX-listed issuers. It puts a spotlight on ASX’s one share-one vote approach that does not accept the kinds of founder-controlled governance seen in SpaceX. It will be also interesting to see if, despite ASIC’s public commentary about the “highly, highly unusual” nature of the SpaceX IPO informing its approach to reviewing the wrap, whether this IPO will set a precedent for truly global IPOs with large capital raisings to have an Australian public offer.