• The global IPO market is shrinking, but there are pockets still raising funds
  • There have been only 9 IPO listings on the ASX this year
  • Which are the best and worst performing IPOs in 2023?


The global IPO market  has shrunk in 2023 amid  turbulent market conditions and  economic headwinds triggered by higher rates and a banking meltdown.

Certain sectors like Energy and Mining are still doing better than others, but experts believe the recent Silicon Valley Bank debacle will further freeze an already shuttered IPO market.

The lack of IPOs could create another headwind for an economy that might be already heading into recession, as IPO funds raised are typically used to create new jobs. 

In the US, IPOs have raised just US$2.4 billion in 2023, according to data compiled by Bloomberg – a 43% drop from 2022 and a 95% wipeout from the heady IPO market days of 2021.

On the ASX, there were 87 ASX IPOs in 2022, well down from 191 in 2021, but we’ve only seen nine so far in the first three months of 2023.

Code Name IPO Price Current Price Return Day 1 return Market cap Listing date
EG1 Evergreen Lithium $0.25 $0.47 88.00% 20.00% $26.43m 11/04/2023
LM1 Leeuwin Metals $0.25 $0.36 44.00% -4.00% $14.5m 29/03/2023
PL3 Patagonia Lithium $0.20 $0.20 0.00% 10.00% $9.8m 31/03/2023
HTM High-Tech Metals $0.20 $0.20 0.00% 2.50% $4.93m 23/01/2023
DYM Dynamic Metals $0.20 $0.17 -15.00% -5.00% $5.95m 16/01/2023
ACE Acusensus $4.00 $3.40 -15.00% 0.00% $85.73m 12/01/2023
GHY Gold Hydrogen $0.50 $0.40 -20.00% 2.00% $20.4m 13/01/2023
SQX SQX Resources $0.20 $0.15 -25.00% -15.00% $3.75m 20/02/2023
VHM VHM Limited $1.35 $0.86 -36.30% -15.60% $128.03m 09/01/2023
ADC Acdc Metals $0.20 $0.10 -50.00% 0.00% $4.67m 17/01/2023
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New IPO listings in March

It’s worth nothing that there were two lithium exploration companies making their debut last week.


Listed: 29 March, 2023

IPO: $8.0m at $0.25 per share

Following an oversubscribed IPO raising $8 million at $0.25 a share, Leeuwin Metals hit the bourse on March 29, notably catching the eye of one of the world’s largest globally diversified natural resource players, Glencore.

Drawn to the company’s attractive suite of assets, Glencore has taken a 9.97% cornerstone investment of the shares on issue.

Those assets include Leeuwin’s flagship William Lake nickel sulphide project in the world-famous Thompson nickel belt in Manitoba, Canada, with Glencore and Leeuwin establishing a technical committee to leverage the mining giant’s expertise in Canadian nickel.


Listed: 31 March

IPO: $8m at $0.20

We’ve all heard of the Lithium Triangle, the famous salars in Argentina and Chile where brines deliver around 40% of the world’s lithium materials.

Patagonia is coming to market with a slew of projects covering 23km2 across the Salta and Jujuy Provinces of Argentina, in close proximity to established producers and developers like Ganfeng, Allkem (ASX:AKE)Lake Resources (ASX:LKE)Power Minerals (ASX:PNN) and Lithium Energy (ASX:LEL).

The company plans to undertake follow-up exploration on the sites, with funds raised to pay vendor costs, provide working capital and IPO expenses, and cover around $1.725m of exploration expenditure including drilling at Tomas III.


Best and worst performing IPOs in 2023

There is nothing to speak of here as every listing this year has either plunged, or stayed at the listing price. 

The worst performing stock was ACDC Metals (ASX:ADC), which has fallen by 42% since listing despite having finalised the discovery drilling component of its aircore drilling program at its Goschen Central Heavy Mineral Sand and Rare Earth Element project in Victoria.

The company said it was sinking 56 holes for 3,162m with an eye on delivering a JORC compliant resource in the second half of this year.

“Our first post-IPO drilling program is progressing well at our tenements in western Victoria, as we work towards our maiden JORC resource,”  CEO Tom Davidson said.

“Furthermore, the mineral process test work underway at Mineral Technologies is validating that HMS mineralisation at Goschen Central is similar to that of peer companies. We are encouraged that a similar, well tested process plant design will be suitable.”

VHM (ASX:VHM) meanwhile has dropped by 42% from its listing price.

As Stockhead’s Josh Chiat reported, VHM’s (ASX:VHM) Goschen project is distinct, a shallow multi-commodity asset made for the modern world by geological processes started millions of years ago.

The company has a supply MoU already with Chinese major Shenghe Resources, has 413,107t of total rare earths oxides in resources.

At a capex of $500 million, the project could produce 9428t of rare earth mineral concentrate or 8568t of mixed rare earth carbonate, and 134,500t of zircon-titania heavy mineral concentrate annually over 20 years at a 5Mtpa processing rate.

The mine would cost $500 million to build but operate at just $57/t against an average revenue of $118/t over its first decade, with an NPV of $1.5b and IRR before tax of 44%.


IPO listing expected in April 

There is just one company expected to make its IPO debut in April, according to the ASX.


Expected listing: 11 April

IPO: $7m at $0.20

Evergreen’s flagship Bynoe lithium project is adjacent to Core Lithium (ASX:CXO) and its producing Finniss mine in the Northern Territory.

To date the company has completed an Ambient Noise Topography (ANT) Survey and commenced field mapping and stage 2 soil, rock chip and termite mound sampling at the Bynoe project and says the soil sampling has confirmed its view of strong anomalous lithium in soil anomalies along strike from Finniss.

The company has also completed a comprehensive auger program, drilling 1,731 holes at the Kenny lithium project, with results expected shortly after listing.

EG1 also holds the Fortune project – also in the NT.