ASX top destination for mining IPOs

Australian bourse to see 4 listings in’25

- MELANIE BURTON DIVYA RAJAGOPAL

Australia’s bourse is set for a record number of secondary listings this year from mine developers enticed by the country’s pension wealth, regulation and a jurisdiction less exposed to US President Donald Trump’s trade wars, industry sources said.

The Australian Securities Exchange (ASX) is growing its market share in metals and mining partly at the expense of Toronto (TSX) and London rivals, just as the sector needs to expand by $100 billion a year to produce the metals needed to reach net-zero emissions by 2050, industry figures show.

The strength in mining comes even as overall listings at the exchange have fallen over the last decade.

A successful listing by Canadian copper miner Capstone last year that allowed private equity to exit and Australian investors exposure to a new operating copper mine, with eventual index inclusion, ignited new interest, banking and lawyer sources said.

“Definitely much more interest in Canadian-listed companies coming to the ASX,” said Sherif Andrawes, head of global natural resources for consultancy BDO, who has worked on four recent listings.

“The ASX ... is in a healthier state than the Canadian markets for exploration companies at the moment,” he said. “There are more in the pipeline.”