ASX listings 2025 – a resurgent year

Early April saw the shocks of the US Liberation Day tariff announcements having an impact, with the market trading down to a 2025 closing low of 7343.3, 14.2% down from the February high. Investor confidence bounced back quickly with new all-time highs seen in June, July and August. The absolute all-time closing high of the S&P/ASX200 of 9094.7 came on 21 October 2025, a 23.8% rally from the Liberation Day lows.

Global macroeconomic conditions were driven by three US Fed rate cuts across September to December 2024 followed by the same three cut cycle in September to December 2025. This saw a cumulative 1.75% reduction in US interest rates, now in 3.50% - 3.75% range. After holding rates steady throughout 2024, the Reserve Bank of Australia also cut rates three times in 2025 (February, May and August) for a total reduction of 0.75% to 3.60%.

A lift in ASX listings

Total new capital quoted across new listings, follow-on capital and other capital raised including scrip-for-scrip transactions in 2025 was $126.4 billion, over twice the amount in 2024.

Importantly, when accounting for de-listings, the net new capital quoted in 2025 was $72 billion, a very strong rebound from negative $3.3 billion in 2024.  Over the past nine years, $514 billion of net new capital has been added to the ASX listed market.  

The first six months of 2025 were certainly quieter by number of listings (30) than the second half (62) but saw a number of the larger transactions executed including:

• Sigma Healthcare (ASX:SIG) finalised their merger transaction with Chemist Warehouse Group on 13 February 2025. At completion $27.5 billion of SIG shares were issued to Chemist Warehouse shareholders, valuing the combined business at ~$32 billion.

• Virgin Australia Holdings Limited (ASX:VGN) raised $685 million IPO capital at $2.90 per share for an initial listed market cap of $2.27 billion after Bain Capital sold down approximately 30% at IPO. VGN traded up 11% at IPO and 21% since IPO to end of 2025.

• Greatland Resources Limited (ASX:GGP) raised $504.4 million IPO capital to list on ASX (with a dual on LSE AIM) with a market capitalisation of $4.43 billion. GGP saw a 59% rise in price to end of 2025 since it’s ASX listing in late June.

• Robex Resources Inc (ASX:RXR) a Canadian based international gold miner raised $120 million new capital to dual list on ASX from the TSX-V with a market cap of $675m. RXR saw an 83% price rise post its ASX listing in early June to end of 2025.

• Tetratherix Limited (ASX:TTX) raised $25 million at $2.88 for a $145 million initial market capitalisation with early stage investors including Radar Ventures, Ryder Capital and Possible Ventures bringing it to market on 30 June. TTX closed up 5% on IPO and finished the year up 14% after trading up 84% during the year.

The second half of 2025 saw a substantial uptick in listings volume and value including:

• GemLife Communities Group (ASX:GLF) raised $750 million IPO capital in July, the largest raise of the year. Founder-led by the Puljich family and Singapore based Thakral Capital, GLF listed with a market cap of $1.58 billion and finished the year up 22% from its $4.16 IPO issue price. 

• Washington H. Soul Pattinson & Company (ASX:SOL) and Brickworks completed their $18.1bn merger in September, collapsing their long held cross shareholding structure.

• DPM Metals Inc (ASX:DPM), a TSX listed international gold miner dual listed onto ASX in September post completion of their $1.9 billion acquisition of Adriatic Metals Plc (ASX:ADT/ LSE:ADT1). DPM shares rose 47% from their September ASX listing to the end of 2025. 

• Ryman Healthcare Limited (ASX:RYM), a New Zealand based and NZX listed company, dual listed onto ASX with a market capitalisation of $2.42 billion. It traded up 8% since its early October ASX listing.

• Sea Forest Limited (ASX:SEA) raised $20 million IPO capital at $2.00 per share, with an initial $112 million market capitalisation. SEA traded at $2.55 at IPO before closing the year up 23%.
  

• Orezone Gold Corporation (ASX:ORE) a Canadian based international gold miner raised $75million new capital and dual listed on ASX from TSX with a $681m market cap. ORE shares rose 68% from its early August ASX listing to end of 2025.
  

• BMC Minerals Limited (ASX:BMC), a Canadian gold, silver, copper and zinc explorer raised $100 million IPO capital for a $549 million initial market cap. Although Canadian based, BMC chose ASX as its primary listing venue and traded up 25% at its December IPO.
  

• Channel Infrastructure NZ Limited (ASX:CHI), a New Zealand based and NZX listed company, dual listed onto ASX in late December with a $1.35 billion market capitalisation.

• Southern Cross Gold (ASX:SX2) was the years best performing listing. SX2 a secondary listing from the TSXV, listed on the ASX in January, at $3.80 per share for an $842 million market cap. SX2 shares finished at $11.57 providing a 205% return.
  

• Ballard Mining Limited (ASX:BM1) was the years best performing IPO. BM1 listed in July, raising $30 million at $0.25 per share giving a $46 million market cap. BM1 shares finished at $0.70 providing a 178% return from IPO.

Top 10 ASX listings by market capitalisation 2025 (ex-Listed Investment Vehicles & Debt):

Source: ASX Internal, Company Announcements. Note: excludes SOL and SIG merger deals
Market capitalisation is calculated based on total shares/CDIs on issue upon admission as per company announcements.

Top 10 ASX IPOs by IPO capital raised 2025 (ex-Listed Investment Vehicles & Debt):

Source: ASX Internal, Company Announcements

ASX continues to attract international listings  

Of note, the eight Canadian listings provided an average return of 70% and all saw positive returns from their ASX listing.    

The Materials sector dominated the new international listings with 10 new listings. This coincides with the substantial increase in base and precious metal prices including gold, silver and copper to all-time highs and the ASX metals and mining sector being the global leader for IPOs and capital raisings for the past 10 years.

ASX international listings 2025

Average return 32%

Light & Wonder drops Nasdaq listing and takes sole primary ASX listing

Light & Wonder Inc (ASX:LNW) dropped its Nasdaq listing and became sole primary listed on ASX on 14 November 2025 after dual listing on ASX in 2023. This saw LNW quote and trade it’s full market capitalisation of approximately $11 billion on ASX, a strategic move recognising the deep understanding of the gaming sector by ASX investors.  

This resulted in LNW’s weighting in the S&P/ASX200 index more than double from 0.18% to 0.48% and its index ranking jump from 88^th to 44^th, driving liquidity and investor demand.

LNW shares finished up 20% post their sole primary ASX listing in mid-November to end of 2025.  

ASX listed companies continue to tap the market to raise capital

Access to capital through follow-on offerings continues to be a strong feature of ASX in supporting listed companies. $36.8 billion in follow-on capital was raised in 2025, a 5% increase from 2024.

Listed companies across all industry sectors benefited from raising additional capital in 2025, further demonstrating the diversity of Australian investor base and their support for growth businesses. 

Market-leading capital raise settings has seen ASX ranked first globally by volume of follow-on transactions for seven consecutive years [1], illustrating their speed and efficiency.  

Goodman Group (ASX:GMG) raised $4 billion via an institutional placement and share purchase plan, the biggest raise of 2025. This was to help fund global data centre expansion to meet demand in the booming digital infrastructure needs of AI. The institutional bookbuild opened and closed the same day on 19^th February 2025 and shares were issued at a 6.9% discount to prior day closing price.  

Xero Inc (ASX:XRO) raised $1.85 billion via an institutional placement and share purchase plan in June 2025. The proceeds were used as part of Xero’s acquisition of US based Melio business.

ASX listed companies issued $50.4 billion in other capital issuance transactions including $27.5 billion scrip issued by Sigma Healthcare for completion of the Chemist Warehouse merger, Light & Wonder Inc’s $5.6 billion conversion of securities to ASX after dropping their Nasdaq listing and Northern Star’s (ASX:NST) $4.8 billion scrip issuance to acquire De Grey Mining.

Top 10 ASX follow-on capital raising by value in 2025

Source: Dealogic, excludes selling shareholder transactions as identified by Dealogic

Follow-on offerings by sector CY25

Source: Dealogic, Bloomberg, ASX Internal. Excludes selling shareholder transactions as identified by Dealogic

Investors seek out income listings

Listed Investment Vehicles (LIVs) and retail debt listings saw strong appetite as $3.1 billion was raised across 10 listings as investors continued to seek income related listings in response to the regulated reduction of bank hybrid issuance.

Top 10 Listed Investment Vehicles and Retail Debt listings by value raised in 2025

IPO market enhancements

Outlook for 2026

The IPO pipeline remains healthy with interest from a range of domestic and international companies across sectors, including private market vendors looking for liquidity.

Public market investors continue to call for new and diverse investment ideas and are willing to deploy capital to the right businesses at the right valuation. The 54% increase in new IPO capital raised in 2025 illustrates the ongoing investor appetite for new listings.

The focus on metals and mining is expected to continue with interest from domestic and international companies including North American and UK companies to list on ASX to raise capital on the globally leading exchange for this sector.

Technology, in particular AI and AI adjacent businesses, including data centre infrastructure, were standout themes globally in 2025 and expected to continue to attract investor focus through 2026. 

Healthcare had mixed fortunes in 2025 but remains a key sector as do the consumer and industrial sectors. Energy transition, sustainability-adjacent and defence related themes continued to attract investor attention and are expected to continue to do so in the year ahead.

Market conditions and confidence will continue to be dominated by the ongoing global macro and geopolitical landscape but given the strong ASX listing momentum, particularly into the second half of 2025, an increased number of listings could be anticipated in 2026.

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[1] Source: Dealogic, as at 31 December 2024.