The number of companies going public in Australia is at its lowest since the global financial crisis 15 years ago, leaving a Mexican fast-food chain as the biggest listing in a market once buzzing with new mining and energy stocks. The 12 initial public offerings in 2024 on the Australian stock exchange have raised just $371mn, according to data provided by LSEG, the lowest year-to-date levels since 2009 and little more than a quarter of the historic average since the turn of the century.
The lack of IPOs comes despite a surge in Australian equity markets, with the ASX benchmark index hitting record highs this week. It is also at odds with the huge demand for investable assets from institutions including Australia’s A$4tn pension fund sector. Aware Super, the country’s third-largest pension fund, acted as a cornerstone investor for Guzman y Gomez.