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Market capitalisation and number of ordinary securities published on asx.com.au

ASX publishes a market capitalisation for each ASX listed entity on the company information pages of its website. The market capitalisation is an approximation of the market value of the listed entity calculated by multiplying the previous trading day’s last traded price of its ordinary securities quoted on ASX by the number of ordinary securities on issue. The number of ordinary securities is calculated using the methodology below.

Number of ordinary securities

Generally, all of the ordinary securities issued by the entity will be included in the calculation of a listed entity’s market capitalisation, whether quoted on ASX or not. However, equity securities that are convertible into, or provide a right to, an ordinary security will not be included. Securities that are generally excluded from the market capitalisation calculation include, but are not limited to:

  1. Partly paid securities
  2. Preference shares
  3. Exchange shares
  4. Convertible securities (of which the most common is options)
  5. Rights and entitlements including those under deferred settlement trading
  6. Debt securities

The number of ordinary securities as calculated above is also displayed on the entity’s "company information" page.

Market price

The market price used in the calculation of a listed entity’s market capitalisation, is the previous trading day’s closing price of the entity’s ordinary securities on ASX. If the previous trading day’s closing price is not available (for example if the entity’s securities did not trade the previous trading day), the valuation price will be used to calculate the market capitalisation. The valuation price is the last-traded price adjusted by either a higher bid price or a lower ask price.


The total number of ordinary securities on issue and market capitalisation of a listed entity are updated overnight on each trading day and displayed the next trading day. The total number of ordinary securities on issue is based on information provided by listed entities in ASX Listing Rule Appendix 3B New issue announcement, application and quotation of additional securities and agreement ("Appendix 3B"). If a listed entity is not required to lodge an Appendix 3B, ASX will use other relevant announcements lodged by a listed entity to confirm the total number of ordinary securities on issue. This figure is adjusted upon the date ASX grants quotation which is normally (but not always) within three business days after lodgement of an Appendix 3B or relevant announcement (subject to any outstanding conditions, such as shareholder approval or incomplete corporate actions).

Dual-listed structures

For dual-listed structures involving separate legal entities listed on different exchanges, only the relevant securities issued by the entity listed on ASX will be included in the calculation.

Foreign entities

In many cases listed entities incorporated outside of Australia only quote a portion of their ordinary securities on ASX and do so in the form of CDIs*. CDIs may be issued on a one-to-one ratio to ordinary securities or another ratio, for example one CDI for every two ordinary securities. In such cases, for the purposes of the market capitalisation calculation, the market price is the previous trading day’s closing price for the entity’s CDIs quoted on ASX. The number of securities used in the calculation is the number of CDIs quoted on ASX plus a number equal to the number of CDIs that would exist if CDIs were issued over the rest of the entity’s ordinary securities.

Suspended securities

In the case where a listed entity’s securities or a class of securities that forms part of the market capitalisation calculation are suspended from trading, the market capitalisation field will display "S".

The market capitalisation will be reinstated when the suspension is lifted or the affected class of securities is removed from official quotation.

As the market capitalisation is updated overnight, the market capitalisation will be displayed the next trading day after the entity’s relevant securities are reinstated to trading.

Entities under the AQUA rules

Exchange Traded Funds (ETFs) and Managed Fund products admitted to trading status under the AQUA Rules (Schedule 10A of the ASX Operating Rules) report to ASX the units on issue of the respective funds within 5 business days of the end of each month. Therefore, the market capitalisation and number of securities displayed is an approximation.

Commencement of market capitalisation display

Market capitalisation is not provided for entities prior to the entity being admitted to the official list of ASX and the commencement of quotation of the entity’s main class of securities. In the case of entities admitted under the AQUA Rules, market capitalisation is not provided before their securities are admitted to trading status under the AQUA Rules.

Further information

For further information about market capitalisation published on ASX (including if you are a listed entity and have concerns about the market capitalisation or issued capital calculations for your entity), please contact ASX here


This methodology statement provides general information only and does not constitute financial advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

The information provided may be subject to change at any time without notice. Although ASX Limited ABN 98 008 624 691 and its related bodies corporate ("ASX") has made every effort to ensure the accuracy of the information as at the date of publication, ASX does not give any warranty or representation as to the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX excludes all liability for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from anyone acting or refraining to act in reliance on this information.


*A CHESS Depository Interest (CDI) is a financial product quoted on the Australian Securities Exchange which confers a beneficial interest in the foreign financial product to which it relates. CDIs are a type of depository receipt. There are two types of CDIs, CHESS Units of Foreign Securities (CUFS); and Depository Interests (DIs).