Virgin, Chemist Warehouse and 7-Eleven will have to wait for a turnaround in capital markets as bankers bet on a second-half rush to rescue a dismal outlook for IPOs.
. All would be easily billion-dollar-plus listings should they happen, equity capital markets bankers say.“This is the quietest we’ve seen the market since 2012 when the European sovereign debt crisis hit,” general manager of ASX listings, James Posnett, said. Just $1 billion was raised last year from new floats – down 92 per cent from 2021.
The slowdown is even more pronounced in comparison to the final six months of 2021 when 130 companies were listed. “At some point those things will marry up, public and private valuations converge, but what that’s meant is it’s been a pretty quiet year for IPOs,” he said. Mr Posnett pointed to the reunification of BHP on the ASX as a major windfall for the ASX, resulting in around $96 billion worth of additional quoted shares on the bourse.ASX’s Mr Beaton is “quietly confident” of an IPO revival in the second half of the year.
“Back in 2013, Mighty River Power – now called Mercury – listed and that really opened the market,” he said. “That was a big, revenue-generating, profitable company with relatively low risk. We need to see something like that – a good large IPO to reignite the market.”
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