New listings on the ASX in 2026: what has changed

More companies have been joining the ASX. The exchange recorded 100 new listings in the 2025-26 financial year, up from 69 the year before and the most since 2021-22. Some of the rules for floats, when a company first sells its shares to the public, have also changed.

The listings market recovered in 2025-26 and has become more selective

In its review of the year, published on 24 July 2026, the ASX said new listings raised $5.6 billion through initial public offerings (IPOs), the formal name for floats. That matched the year before and beat the five-year average of $4.9 billion. Materials companies, led by gold, silver, copper and lithium businesses, made up 30 of the 100, and 23 came from overseas, up from five.

The ASX described a year of two halves: larger listings from July to December 2025, then smaller ones in a more selective market from January to June 2026, as inflation and interest rates rose and technology shares were repriced. The Reserve Bank lifted the cash rate again on 29 September 2026, to 4.60 per cent.

Market Index counted 10 IPOs in July 2026 and six in August, taking the 2026 total to 35. ASX figures released on 7 October 2026 show 29 new listings from July to September, against 26 a year earlier.

Recent and upcoming listings range from real estate to mining

The largest IPO of 2025-26 was real estate company GemLife Communities Group, which raised $750 million in July 2025. Others included US medical technology company Saluda Medical ($231 million, December 2025) and consumer business SkinKandy ($160 million, May 2026). FDC Consolidated Holdings, exposed to data centre construction, raised $400 million and listed on 9 July 2026.

Swiss miner Glencore expects to start trading on the ASX on 14 October 2026 through a secondary listing, a second home for shares listed overseas, with no new shares offered. Wiluna Mining Corporation, a mineral exploration and production company, proposes to list on 26 October 2026 with a $180 million raising.

Not every planned float goes ahead. On 9 October 2026, data centre company Firmus withdrew its application to list, citing market volatility.

Rules for larger floats changed in 2025, with more proposed

In June 2025, the corporate regulator ASIC began a two-year trial for IPOs using the ASX fast-track process, open to companies worth over $100 million on listing with no ASX-imposed escrow, a rule that stops some early holders selling for a set time. ASIC reviews a draft prospectus, the legal offer document, two weeks before lodgement, which could shorten the timetable by up to a week. Investors can apply during the seven-day exposure period, when the prospectus is open for public comment, though shares are issued only after it ends. The ASX says 11 companies used the process in 2025-26.

On 4 August 2026, ASIC proposed letting companies advertise an upcoming IPO before lodging a prospectus, on conditions that include pointing investors to it as the main source of information. Feedback was due by 11 September 2026.

Private investors usually apply through a firm with an allocation

In many floats, shares go to institutions and to clients of the brokers and advisory firms named in the prospectus, and ASIC has observed that well-supported offers typically leave no allocation for the general public. The portion for a firm's clients is called a broker firm allocation, and you apply through that firm.

The ASX says the retail offer opens after the exposure period and generally runs for one to four weeks. In popular offers, applications can be scaled back, so you may receive fewer shares than you asked for. The ASX estimates that allocation, listing and the start of trading then take one to two weeks.

First-day prices can move either way. Of the five companies that listed with an offer price in August 2026, Market Index recorded three trading above it on their first day and two below.

Under ASX rules, escrow can last up to 24 months from listing for founders and other insiders, and 12 months for some early investors. Voluntary lock-ups are often used too, and the company must tell the market at least five business days before those shares are released.

We arrange applications for clients when we have a place in an offer. When we do, the offer appears in your account under Offerings. New listings can sit alongside cash accounts, term deposits, bonds, managed funds, shares and exchange traded funds in a wider portfolio.

The prospectus sets out the risks, use of funds and escrow

A public IPO comes with an offer document, usually a prospectus, lodged with ASIC, which you can check on ASIC's offer notice board, as Moneysmart explains. These sections deserve close reading.

• Risk factors. Look for risks specific to the company. Moneysmart warns that vague, general wording may be a sign the company is holding information back.
• Use of funds. This shows how the money raised will be spent and whether existing owners are selling some of their shares.
• Escrow. This shows who is locked in, for how long, and when more shares could reach the market.
• Free float. This is the share of the company held by ordinary investors and free to trade. The ASX requires at least 20 per cent at listing, not counting escrowed shares.

Your adviser is glad to talk through new listings with you, and whether they suit your goals and your comfort with risk.

This article is general information only. It does not take into account your objectives, financial situation or needs, and it is not a recommendation to buy, sell or hold any investment. Figures are as published on the dates given. Past performance is not a reliable indicator of future performance. Read the full risk warning