Fewer ASX IPOs in 2023, but here's how they've performed

We reveal the top 10 new listings by size and how their share prices have changed to date.

IPO spelt out on a laptop with a red and green bar chart underneath.

Image source: Getty Images

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The number of ASX initial public offerings (IPOs) last year was dramatically lower than in 2022.

The ASX reports that $1.1 billion of IPO capital was raised among 45 IPO listings in 2023. The five-year average for ASX IPOs is $5.4 billion among 120 listings per year.

But the total quoted market capitalisation from all new market entrants in 2023 was higher than in 2022.

The total for IPOs, demergers, and new dual and direct listings was $33.7 billion, up 8% from the previous year.

In an article published on asx.com.au today, Alice Nguyen from ASX Listings said this was a global trend because growth companies faced strong economic headwinds last year.

But she said ASX IPO conditions may be better this year.

The biggest ASX IPO of 2023

Redox Pty Ltd (ASX: RDX) was the largest ASX IPO last year, raising $402 million and achieving a market cap of $1.3 billion at the time of listing in July.

Redox is a family-owned chemical and ingredient distributor. The owners sold a 30% stake with the aim of raising capital for offshore expansion.

The biggest new listings by value

The most significant listing by value was the dual-listing of US mining behemoth Newmont Corporation CDI (ASX: NEM). This follows Newmont's acquisition of ASX gold mining stock Newcrest.

Another mega-merger was the $11 billion marriage and dual listing of Livent Corp and Allkem to form new ASX lithium share, Arcadium Lithium (ASX: LTM).

A big one on the way this year is the proposed merger of Sigma Healthcare Ltd (ASX: SIG) and the unlisted Chemist Warehouse.

The deal will create an $8.8 billion ASX healthcare major, once it is completed in 2H 2024 (assuming regulatory approvals).

Top 10 ASX listings in 2023… and their share prices today

This list represents the top 10 new listings by market cap, including ASX IPOs and major mergers.

ASX shareSectorDate of listingShare price todayPrice growth since listing
Newmont Corporation CDI (ASX: NEM) Materials27 Oct$55.01(7.6%)
Arcadium Lithium CDI (ASX: LTM)Materials22 Dec$7.25(28.2%)
Light & Wonder Inc. CDI (ASX: LNW)Consumer discretionary22 May$126.2238.6%
Abacus Storage King Stapled Securities (ASX: ASK)Real estate1 Aug$1.17(4.8%)
Freightways Group Ltd (ASX: FRW)Industrials14 Sept$7.83(0.75%)
Redox Pty Ltd (ASX: RDX) Industrials3 Jul$2.29(8.8%)
Brazilian Rare Earths Ltd (ASX: BRE)Materials21 Dec$1.71(5%)
Nido Education Ltd (ASX: NDO)Consumer discretionary16 Oct97 cents(3%)
VHM Ltd (ASX: VHM) Materials9 Jan64 cents(50.4%)
Acusensus Ltd (ASX: ACE) Information technology12 Jan88 cents12.8%

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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