News & Insights
The Equity Capital Markets Report FY25
An analysis of IPOs, secondary capital raisings and relevant regulatory developments
Despite the challenges posed by global economic and political uncertainty and the much-discussed 'rise' of private markets, fundraising activity in Australia's public capital markets remains robust, including, in particular, secondary capital raisings in key sectors.
Ashurst's Equity Capital Markets Report FY25 provides an analysis of equity capital market fundraisings, including IPOs and secondary capital raisings, and key regulatory developments relevant to Australian public capital markets, from the Australian financial year 1st July 2024 to 30th Jun 2025 (FY25) and looks ahead to what we expect to be the key trends and focuses in FY26.
This report draws on our extensive analysis of all IPOs on ASX larger than $10 million (as well as some additional global market analysis noted), and also secondary capital raisings effected by way of placements, share purchase plans (SPPs), entitlement, priority and rights offerings (Entitlement Offers) and dividend reinvestment plans (DRPs), undertaken by ASX listed companies and managed investment schemes.
The Equity Capital Markets Report FY25
A comprehensive analysis of IPOs and secondary capital raising activity on the ASX alongside key regulatory developments impacting Australia’s public capital markets.
Download the full report [PDF 4.23 MB]Key findings
Some key observations and data themes from FY25, and the first four months of FY26 include:
- There is continued support for Australian companies to undertake secondary capital raisings, coupled with the potential for IPO activity to ramp up both in Australia and globally.
- FY25 saw the return of large IPOs, with 3 large listings constituting 57% of total equity raised.
- While an increase on last year, the number of IPOs in FY25 was relatively low when compared to the period of 2020 to 2022. Those IPOs that proceeded were concentrated in particular sectors, and especially in REITs and Financials, Metals & Mining, Consumer and Industrials.
- Private equity funds are increasingly looking to exit investments – including by way of IPO.
- ASX continues to be a popular destination for dual or secondary listings.
- While delisting activity has unfortunately continued, Australian regulators are focused on supporting new listings in Australia, and exploring available regulatory levers to ensure Australia remains an attractive market for businesses seeking a public listing.
- Transactions combining a placement and SPP have continued to be the preferred structure for secondary raisings in FY25.
- The Metals & Mining sector continues to lead for secondary capital raisings in FY25; however, another strong theme is the funding of data centres and digital infrastructure.
- Global trade issues, such as tariffs, and other geopolitical issues (including the threat of rising sovereign debt, inflation and bond yields, and political instability) are potential challenges to increased IPO activity.
- Both ASIC and ASX have been active this past financial year in monitoring the market developments and investigating opportunities to support public capital markets. In addition, ASIC published guidance in August 2025 setting out its enforcement priorities for the year ahead. This report provides an overview of the current focus of, and developments from, ASIC and ASX.
The Equity Capital Markets Report FY25
A comprehensive analysis of IPOs and secondary capital raising activity on the ASX alongside key regulatory developments impacting Australia’s public capital markets.
Download the full report [PDF 4.23 MB]
