FY26 year in review - ASX listings and capital markets
- Fri 24 July 2026
- 10 MIN READ
The ASX Listings team reflect on the 2026 financial year: a listings market that carried strong momentum out of 2025 but met with a very different macro backdrop in the second half as inflation re-accelerated, the Reserve Bank of Australia (RBA) reversed course, an oil-price shock and an AI-driven repricing of technology reset investor sentiment.
Despite a backdrop of global macroeconomic uncertainty, higher interest rates and shifting investor sentiment, FY26 represented a significant improvement in new listings. New listing activity returned towards the long-run average, with 100 listings recorded during the year - the highest since FY22 - driven by a recovery in IPO activity, a resurgence in international listings and several high-profile transactions. While resources continued to underpin issuance activity, new listings also emerged across real estate, healthcare, industrials and financial services, reflecting improving confidence and a broadening of opportunities for investors.
Market backdrop
FY26 can be divided almost exactly at the calendar-year line into two distinct regimes.
The first half of FY26 was characterised by record equity market performance, falling interest rates and improving risk appetite. The S&P/ASX 200 Index reached multiple all-time highs, peaking at 9,094.7 on 21 October 2025, while monetary policy remained supportive as both the US Federal Reserve and the RBA continued easing cycles.
The second half of FY26 presented a markedly different environment. Inflation re-accelerated, prompting the RBA to reverse course and increase the cash rate three times between February and May 2026, returning the cash rate to 4.35%. At the same time, an oil-price shock associated with conflict in the Middle East and a global repricing of technology valuations, driven by rapid developments in artificial intelligence, altered investor sentiment and capital allocation decisions.
Despite these headwinds, ASX's listings market remained resilient. IPO activity continued its recovery from the subdued conditions of FY23 - 25, international listings rebounded strongly, and issuers continued to access one of the world's deepest and most efficient market for follow-on offerings.
ASX listing FY26
| FY26 | FY25 | 5-yr avg | 10-yr avg | |
New listed entities (number)1 | 100 | 69 | 101 | 116 |
| IPO capital raised (A$b) | 5.6 | 5.6 | 4.9 | 6.0 |
| Quoted market capitalisation of new listings ($b) | 32.6 | 17.6 | 29.6 | 29.3 |
| Secondary capital raised (A$b) | 37.8 | 31.5 | 40.5 | 43.7 |
| Other capital raised including scrip-for-scrip ($b) | 20.6 | 40.9 | ||
Total net new capital quoted (A$b)2 | 37.1 | 35.6 |
Source: ASX internal. 1. Includes equity listings, wholesale and retail debt listings, listed investment companies and trusts, and stapled entities. It does not include exchange-traded funds or mFund. 2. Total net new capital quoted is equal to total new capital quoted minus the quoted market capitalisation of de-listed entities.
Returning towards longer-run averages, ASX recorded 100 new listings, up 45% from 69 in FY25. New listings raised $5.6b in IPO capital, exceeding the five-year average of $4.9b, and added $32.6b of quoted market capitalisation, an 86% increase on FY25 and above both the five and ten-year averages.
"ASX recorded 100 new listings, up 45% from 69 in FY25."
Total new capital quoted across new listings, secondary capital raised and other secondary capital raised - including scrip-for-scrip transactions - was $91.0b in FY26. Accounting for de-listings, net new capital quoted was $37.1b, both were the highest since FY22.
Consistent with historical trends, Materials was the largest source of new listings, with 30 new listings classified under the GICS Materials sector. Gold, silver, copper, lithium and diversified-minerals companies continued to underpin issuance, supported by structural demand themes: energy-transition, critical-minerals investment, and continued investor appetite for exploration and development opportunities.
Gemlife at Exchange Square.
FY26: A tale of two halves
Listing activity in FY26 was front-loaded. The first half of the financial year was characterised by larger listings supported by improving investor confidence. This moderated into the second half as the tightening cycle and technology repricing made issuers and investors more selective.
In the first half:
- GemLife Communities Group (ASX:GLF) raised $750m in July 2025 - the largest IPO of the financial year. Founder-led by the Puljich family alongside Singapore-based Thakral Capital, GLF.
- Saluda Medical (ASX:SLD), a US neuromodulation medtech, raised $231m in December 2025.
- BMC Minerals (ASX:BMC), a Canadian gold, silver, copper and zinc explorer, chose ASX as its primary listing venue, raising $100m in December 2025 with a $549m initial market capitalisation.
In a defining structural event, US-based Light & Wonder (ASX:LNW) dropped its Nasdaq listing to become sole-primary listed on ASX from 14 November 2025 - bringing its full market capitalisation of approximately $11b onto ASX and more than doubling its S&P/ASX 200 index weight, a standout example of a global company choosing ASX as its home market.
The second half of FY26 delivered a steady cadence of smaller listings against a tighter, more selective backdrop, led by income vehicles, consumer names and an emerging defence technology theme.
- SkinKandy (ASX:SK1): raised $160m at IPO, demonstrating that consumer-facing businesses could still attract strong investor support where growth opportunities and brand recognition were well established.
- Koala Furniture (ASX: KOA) successfully raised $74m in March despite a period of heightened market volatility, providing further evidence that investors remained willing to support recognised consumer brands.
The SkinKandy team celebrating their listing at Exchange Place.
The success of these offerings demonstrated that, while investors remained selective, capital was available for businesses with strong fundamentals, credible growth stories and clear pathways to shareholder returns.
The emergence of the defence and sovereign capability theme became increasingly noticeable. Listings such as KTEK Aerosystems Ltd (ASX:KTK) and Boresight Ltd (ASX:BST) reflected growing investor interest in defence technology, autonomous systems and national security-related sectors.
Koala co-founder and CEO Dany Milham and Chairman Michael Gordon ring the bell at Exchange Place.
Meanwhile, Resources continued to anchor the pipeline throughout FY26, reinforcing ASX's position as a leading global venue for mining. Notable transactions included Valiant Gold Limited (ASX:VAL), which raised $75m, and Sentinel Metals Ltd (ASX:SNM), which delivered one of the strongest post-listing performances of the year. LSE & JSE listed Pan African Resources PLC (ASX:PAF) ASX listings and all-scrip acquisition of Emmerson Resources, further demonstrated the growing appeal of ASX as a destination for established international miners pursuing strategic growth and dual listing opportunities.
Resurgence in the market
Almost half of the largest listings of the past three financial years were completed in FY26, underscoring the year’s rebound in primary issuance.
Top 15 ASX IPOs by IPO capital raised FY24 - 26
Listing Date | ASX Code | Company name | IPO Capital raised ($m) | Market Cap at listing ($m) | Sector |
13-Dec-24 | DGT | HMC Digital Infrastructure Ltd | $1,991 | $2,746 | Real Estate |
3-Jul-25 | GLF | GemLife Group Ltd | $750 | $1,582 | Real Estate |
24-Jun-25 | VGN | Virgin Australia Holdings Limited | $685 | $2,302 | Industrials |
24-Jun-25 | GGP | Greatland Resources Limited | $504 | $4,426 | Materials |
3-Jul-23 | RDX | Redox Limited | $402 | $1,339 | Industrials |
25-Nov-24 | CCL | Cuscal Limited | $337 | $479 | Financials |
20-Jun-24 | GYG | Guzman y Gomez Limited | $334 | $2,231 | Consumer Discretionary |
5-Dec-25 | SLD | Saluda Medical Inc. | $231 | $668 | Health Care |
1-Aug-23 | ASK | Abacus Storage Operations Limited | $225 | $1,853 | Real Estate |
21-May-26 | SK1 | SkinKandy Limited | $160 | $246 | Consumer Discretionary |
31-Oct-25 | AIH | Advanced Innergy Holdings Limited | $150 | $422 | Industrials |
21-Nov-24 | SYL | Symal Group Limited | $136 | $437 | Industrials |
1-Dec-25 | EPI | Epiminder Limited | $125 | $325 | Health Care |
5-Nov-25 | CMA | Carma Limited | $100 | $369 | Consumer Discretionary |
12-Dec-25 | BMC | BMC Minerals Limited | $100 | $506 | Materials |
Source: ASX Internal, Dealogic and Company Announcements. Excludes Listed Investment Vehicles. Blue lines represent listings in FY26.
Listed Investment Vehicles: investors seek income-focused opportunities
Income-focused listings remained a feature of FY26, with Listed Investment Vehicles (LIVs) and retail debt raising $3.3b across 9 listings. Demand was supported by the regulated wind-down of bank hybrid issuance, encouraging investors to seek alternative sources of yield through listed credit, equity-income and alternative investment vehicles. Highlights include L1 Gold Fund Limited (ASX:LGF) raising $950m, Dominion Investment Group Limited (ASX:DMN) raising $425m, and Revolution Private Credit Income Trust (ASX:REV) raising $400m at IPO.
International listings
FY26 was, above all, the year of the international listing. ASX welcomed 23 new international listings, up from five in FY25 (+ 360%) and well ahead of the five-year average of 13. The scale of international listings also improved in FY26, with four companies listing with a market capitalisation exceeding $1 billion, compared with one in FY25:
- Ryman Healthcare Limited (ASX:RYM) a New Zealand based and NZX listed company, dual listed onto ASX with a market capitalisation of $2.42b.
- DPM Metals Inc. (ASX:DPM) a TSX listed international gold miner dual listed onto ASX in September post completion of their $1.9b acquisition of Adriatic Metals Plc (ASX:ADT/ LSE:ADT1).
- Channel Infrastructure NZ Limited (ASX:CHI) a New Zealand based and NZX listed company, dual listed onto ASX with a $1.35b market capitalisation.
- Pan Africa Resources plc (ASX:PAF) a LSE and JSE listed gold producer with operations across South Africa, dual listed on ASX in June 2026 with a market capitalisation of approximately $4.7b.
Ryman Healthcare CEO Naomi James and CFO Matt Prior ring the bell at Exchange Square.
FY26 international listings were geographically diverse, including seven Canadian, six U.S, four New Zealand and two UK listings. Looking back over the past five financial years, Canada (21) United States (20), and New Zealand (12) have been the most significant sources of international listings.
Reflecting the increasing scale of international transactions coming to market, four of the fifteen largest international listings completed on ASX over the past five financial years (FY22 – FY26) were completed in FY26, underscoring ASX's growing appeal to established international companies seeking access to Australian capital and investors
Top 15 ASX international listings over the past 5 financial years by total market capitalisation at listing
Listing Date | ASX Code | Company Name | Country of Operations | Sector | Total market cap at listing (A$m) |
20-Jan-22 | XYZ | Block Inc. | United States | Financials | $81,743 |
27-Oct-23 | NEM | Newmont Corporation | United States | Materials | $68,182 |
24-Jul-24 | AAI | Alcoa Corporation | United States | Materials | $13,313 |
22-Dec-23 | LTM | Arcadium Lithium Plc | United States | Materials | $11,814 |
22-May-23 | LNW | Light & Wonder Inc. | United States | Consumer Discretionary | $8,293 |
18-Sep-25 | DPM | DPM Metals Inc. | Canada | Materials | $6,989 |
26-Oct-21 | GQG | GQG Partners Inc. | United States | Financials | $5,906 |
2-Feb-24 | CSC | Capstone Copper Corp. | Canada | Materials | $5,057 |
23-Jun-26 | PAF | Pan African Resources Plc | South Africa | Materials | $4,667 |
2-Jul-21 | NXG | NexGen Energy (Canada) Ltd | Canada | Energy | $2,661 |
1-Oct-25 | RYM | Ryman Healthcare Limited | New Zealand | Health Care | $2,417 |
14-Sep-23 | FRW | Freightways Group Limited | New Zealand | Industrials | $1,424 |
3-Jan-22 | 5EA | 5e Advanced Materials Inc. | United States | Materials | $1,361 |
19-Dec-25 | CHI | Channel Infrastructure NZ Limited | New Zealand | Energy | $1,348 |
27-Sep-21 | PEB | Pacific Edge Limited | New Zealand | Health Care | $1,101 |
Source: ASX Internal, Company Announcements. Note: Market capitalisation is calculated using the IPO issue price and total shares/CDIs on issue at admission. Blue lines represent listings in FY26.
The Materials sector also dominated the international cohort, consistent with ASX’s decade-long position as the global leader for metals and mining listings and capital raisings. Companies continue to cite access to Australia’s deep and highly educated investor pool - including the ~$4.4 trillion superannuation system - as a key reason for choosing ASX.
Demonstrating the efficiency of follow-on offerings
ASX’s streamlined follow-on offerings framework enables fast and efficient capital raisings. For example, companies can annually raise up to 15% of total equity capital through a placement within 24 - 48 hours. Follow-on capital raisings were strong in FY26, particularly across resources, energy-transition, financials and technology issuers. ASX has ranked first globally by volume of follow-on transactions in nine of the last ten financial years, highlighting the efficiency and competitiveness of its capital raising framework.
ASX-listed companies raised $37.8b in follow-on capital in FY26, a 20% increase on FY25. Two companies - NEXTDC Ltd (ASX:NXT) and Vulcan Energy Resources Ltd (ASX:VUL) - each raised more than a billion dollars in a single year.
ASX Code | Company Name | FO capital raised ($m) | Sector |
NXT | NEXTDC Ltd | $1,507 | Information Technology |
VUL | Vulcan Energy Resources Ltd | $1,027 | Materials |
LYC | Lynas Rare Earths Ltd | $933 | Materials |
ARU | Arafura Rare Earths Ltd | $921 | Materials |
MP1 | Megaport Ltd | $737 | Information Technology |
PYC | PYC Therapeutics Ltd | $601 | Health Care |
NXG | NexGen Energy Ltd | $600 | Energy |
AVR | Anteris Technologies Global Corp | $498 | Health Care |
CEN | Contact Energy Ltd | $487 | Utilities |
APE | Eagers Automotive Ltd | $452 | Consumer Discretionary |
Source: Dealogic, excludes selling shareholder transactions and DRPs as identified by Dealogic.
May include multiple transactions over the financial year.
IPO market enhancements
The Australian Securities and Investments Commission (ASIC) two-year IPO fast-track trial, introduced in June 2025 for companies listing above $100m market capitalisation with no ASX-imposed escrow, operated across the whole of FY26. By shortening the timetable through earlier prospectus review and enabling retail applications during the ASIC exposure period, it reduces deal risk and improves the attractiveness of an ASX IPO. Eleven issuers used the process in FY26. ASX continues to contribute to broader policy work on improving the competitiveness of Australia’s listed market.
FDC senior executives around the bell at Exchange Place
Outlook for FY27
The IPO pipeline entering FY27 is the strongest it has been in four years and is increasingly weighted towards larger, more diverse transactions. At the time of writing, we have already seen two successful listings including Aura Consolidated Group, Inc (ASX:AXQ), with a $140m IPO raise and market capitalisation of approximately $1.5b, and FDC Consolidated Holdings Limited (ASX:FDC), with a $400m IPO raise and market capitalisation of $969m.
Investor interest remains particularly strong in artificial intelligence and digital infrastructure themes, including data-centre assets, while metals and mining, defence technology, energy transition and income-focused vehicles continue to feature prominently in the pipeline. The key themes that emerged during FY26 - the reopening of the IPO market for quality issuers, rising international participation, continued strength in resources and critical minerals, and broader sector diversification across healthcare, industrials and real estate – continues into FY27.
Overall, FY26 represented a constructive step forward for the Australian listings market - stronger IPO activity, rising foreign-issuer participation and several notable transactions helping re-establish momentum across ASX’s primary markets.
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