• ASX IPO market revives after quiet year, with big listings ahead
  • Biotech and payments sectors lead in upcoming IPOs
  • New listings to watch: Symal, Fulcrum, and Cuscal

 

After an extremely quiet 2024, Aussie investors are finally seeing the return of initial public offerings (IPOs), and the pipeline is expected to grow as we head into 2025.

The ASX IPO market has been pretty much in snooze mode this year, with only 20 companies going public so far.

This marks a sharp slowdown compared with previous years. In 2023, there were 30 IPOs, while in 2022, there were 88.

 

ASX IPOs in 2024 so far

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But now there’s a glimmer of optimism.

The market seems to be reviving coming to year end – driven by a number of factors, including optimism from Wall Street following Donald Trump’s election victory and expectations that interest rates in Australia could soon start to come down.

One of the largest IPOs on the horizon is a $4 billion data centre investment trust, DigiCo Infrastructure REIT, which is set to launch on the ASX “by end of 2024”.

The deal, led by David Di Pilla’s HMC Capital, would be the biggest new Australian company listing since Viva Energy raised $2.65 billion back in 2018.

Another big IPO that everyone’s waiting for is Cuscal, a leading payments infrastructure tech play (see more below).

It will be a busy stretch on the ASX for new listings in the coming weeks and there’s plenty to watch, and possibly grab, here:

 

Symal Group

Expected listing date: November 21
Ticker: SYL
IPO raised: $136m at $1.85

The construction company started in 2001, offering landscaping services. Fast forward 23 years and Symal is now a $437 million company ready to make its ASX debut.

Symal is a major player in civil construction, equipment hire and building materials, with operations across Victoria, NSW, South Australia and Queensland.

The company works on huge projects like roads, renewable energy sites, airports and data centres – like the expansion of NextDC’s Tullamarine data centre.

Symal is headed by CEO and founder Joe Bartolo.

Since starting Symal, Bartolo has guided the business with a strategy that blends organic growth with smart acquisitions, helping Symal expand and strengthen its market position.

Under his leadership, Symal has maintained strong profitability, even in tough market conditions.

 

Fulcrum Lithium

Expected listing date: November 22
Ticker: FUL
IPO raised: $10m at $0.20

Fulcrum Lithium is a mineral exploration company focused on developing lithium deposits in Nevada, USA, one of the world’s most important lithium-producing regions.

The company holds a significant portfolio of lithium exploration projects, including Alkali Flats, Fairway and Summit, which together cover 230 km² in Nevada’s “lithium belt”.

With the Alkali Flats project alone covering 190 km² and containing 2,276 lode claims, Fulcrum controls a substantial landholding.

The Fairway and Summit projects add to this, each with over 300 claims, offering a large exploration footprint in a very promising region.

The company plans to use funds raised through the IPO to support these exploration efforts, with a path already laid out for the coming years.

While Fulcrum is still in the exploration phase and not yet generating revenue, the company said its projects have shown promising signs of lithium mineralisation.

 

Renerve

Expected listing date: November 22
Ticker: RNV
IPO raised: $7m at $0.20

ReNerve is a biotech company focused on developing bio-material-based medical devices designed to improve the treatment of peripheral nerve injuries (PNI).

The company’s products aim to offer better outcomes for patients suffering from nerve damage due to trauma or surgery.

These injuries can result in chronic pain, loss of motor function and long-term physical and mental health challenges.

Current treatments often produce mixed results, and many products used in nerve repair were originally developed for other medical purposes.

ReNerve’s flagship product, the NervAlign Nerve Cuff, is a pliable, biodegradable device designed to protect and support injured nerves during surgery, promoting nerve regeneration.

It has already received FDA clearance and is gaining traction in the US market, where it has been used in over 100 surgical procedures.

The company’s product pipeline includes additional devices such as the NervAlign Nerve Conduit for nerve repairs involving small gaps.

Other products include the NervAlign Nerve Guide Matrix for nerve replacements without the need for donor tissue and also the NervAlign Bionic Nerve, a solution for repairing long nerve gaps with promising early prototypes.

The company said the global PNI treatment market is expected to expand from $1.68 billion in 2023, to $6.2 billion by 2031.

 

Cuscal

Expected listing date: November 25
Ticker: CCL
IPO raised: $336.8m at $2.50

Cuscal is a leading provider of payment infrastructure and services in Australia.

Founded in 1992 as Credit Union Services Corporation Australia Limited (CUSCAL), it is one of the few companies in Australia that holds an Authorised Deposit-Taking Institution (ADI) license, giving it the credentials to provide payment services across the country.

The company works with banks, fintech companies, and corporates to support a range of payment solutions.

Cuscal’s services include issuing, acquiring, and processing payments, as well as emerging regulated data services, positioning it for growth in what it calls an “increasingly connected financial ecosystem”.

As a business-to-business provider, Cuscal connects clients to Australia’s payment infrastructure. The company said it is the largest non-major bank provider of centralised payment services in Australia.

Funds raised from the IPO will support Cuscal’s growth strategy.

 

Vitrafy Life Sciences

Expected listing date: November 26
Ticker: VFY
IPO raised: $35m at $1.84

Vitrafy Life Sciences is a biotech company focused on advancing the field of cryopreservation, or preserving biological materials like blood, semen, and cells by freezing them.

The company claims to have developed a method that preserves 97.5% of cells during thawing, compared to only 50% with traditional techniques.

This could have significant implications across several industries, including healthcare, agriculture and animal breeding.

Founded in 2018, Vitrafy originally explored food preservation but has since pivoted to focus on three key areas: improving animal and aquaculture reproduction, preserving blood platelets for medical use and supporting gene therapy.

The company has already secured early partnerships, including one with Huon Aquaculture, which helped generate its first revenue. It also has a collaboration with the US Army Institute of Surgical Research.

While the company is still in the early stages of commercialisation, it sees a large potential market for its technology, with estimates putting the addressable market at around $140 billion.

Also read: Two key IPOs are ready to go ahead on the ASX

 

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision.

 

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