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Listing process

Indicative schedule of the listing process

listing process steps

Detailed steps of listing

Listing with ASX is a seven-step process that takes approximately 19 weeks,
starting from appointing advisers to closing the offer.

 
step
1

Appointing advisers

WEEK 1

Appointing an experienced team of advisers is essential to the success of an IPO.

Professional advisers typically include:

  •  

    A lead manager or corporate adviser

  •  

    Investment bank and/or stockbroker

  •  

    Lawyer

  •  

    Accountant

  •  

    Advisers required to provide expert reports in relation to the IPO

 
step
2

Preparing the prospectus and due diligence

WEEKS 2 - 10

The due diligence process is run at the same time as the prospectus is drafted. The Australian Corporations Act contains a general disclosure test for prospectuses. It stipulates a prospectus must contain all the information that investors and their professional advisers would reasonably require to make an informed assessment about:

  •  

    The rights and liabilities attaching to shares offered

  •  

    The assets and liabilities, financial position and performance, profits and losses and prospects of the share issuer

A prospectus will usually include key information about the company’s business model, risks, management, financials, and details of the offer itself.

The due diligence process is guided by a committee, comprised of representatives of the company and other parties potentially liable under the prospectus. This is to help ensure the prospectus meets legal requirements, and that any parties with potential liability can rely on due diligence defences in law.

 
step
3

Commence institutional marketing

WEEKS 10 - 12

The Corporations Act strictly limits advertising of an IPO prior to lodgement of the prospectus with Australian Securities and Investment Commission (ASIC).

However, certain marketing activities can be undertaken to institutional investors, including IPO roadshows. These are a series of meetings between the company, investment bankers and institutional investors used to generate interest in the offer.

 
step
4

Lodge prospectus with ASIC

WEEKS 11 - 12

An ‘exposure period’ of seven days starts from the date of lodgement. During this time the prospectus is made available for public review and comment, and during this period the company cannot accept any applications under the offer.

ASIC can extend the exposure period to up to fourteen days after lodgement if it needs time to review the prospectus in detail.

Applications from investors can be processed after the end of the exposure period. After this period, ASIC has the power to issue an interim and/or final order to stop the offer if ASIC has concerns about the disclosure in the prospectus.

 
step
5

Lodge listing application with ASX

WEEKS 11 - 16
  • Seven days

    The formal listing application is lodged with ASX within seven days of lodgement of the prospectus with ASIC.

  • Six weeks

    Typically, the review and approval of the application by ASX is completed within six weeks.

 
step
6

Marketing and offer period

WEEKS 13 - 17

The offer to retail investors starts after the exposure period and usually is open for a period of three to five weeks.

 
step
7

Closing the offer

WEEKS 18 - 19

In the final step, the offer closes, shares are allocated and trading commences.

Your listing day

Announce your listing with ASX, ring the bell and be part of a globally recognised market

Note: This is a general guide to listing requirements and is not exhaustive, nor a guarantee of a successful listing application. For full details of the ASX Listing Rules please visit www.asx.com.au/regulation/rules/asx-listing-rules.htm.   

Contact ASX

 

  • Eddie Grieve
    Eddie Grieve
    Head of Listings and Issuer Services
     +61 2 9227 0519
  • James Posnett
    James Posnett
    Senior Manager,
    Listings Business Development
     +61 2 9227 0282
  • Kate Galpin
    Kate Galpin
    Business Development Manager
     +61 2 9227 0627
  • Josh Collard
    Josh Collard
    Business Development Manager
     +61 2 9227 0122