The latest analysis of newly listed companies has revealed improvement in Australian initial public offering (IPO) activity in the first half of 2026, but recognised it remained relatively quiet compared to previous years.
Accounting firm HLB Mann Judd performed the IPO assessment and indicated there were 14 new listings on the Australian Securities Exchange in the first six months of this calendar year, up from 12 from the corresponding period in 2025. However, it was recognised this number of listings is significantly lower than the levels witnessed in the early 2020s.
The materials sector accounted for the most IPOs with eight listings initiated from it. From this group, five newly listed companies came from the gold industry, which HLB Mann Judd attributed to the sharp rise in the gold price. To this end, the average price of gold rose from $4481 per ounce in the first half of 2025 to $6674 per ounce in 2026.
With reference to performance of the new listings, only five of the 14 IPOs were trading above their issue price as at 30 June 2026.
The market examination also showed the capital raised from this activity fell from $1.4 billion in the first half of 2025 to $394 million in the first half of 2026. Further, the average amount raised per IPO dropped to $28 million in the first half of 2026 from $197 million in the first half of 2025.
“The underperformance of newly listed companies is a clear sign of the current cautious investment environment. Investors are weighing up risks more carefully and that’s reflected in the muted returns for many IPOs,” HLB Mann Judd noted.
“On the other hand, the stronger performers have been able to harness positive momentum in sectors like gold and defence, where market tailwinds and sector-specific demand have provided a real advantage.
“This pattern highlights the importance of understanding both the broader market mood and the unique strengths of each sector when making investment decisions.”