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🇦🇺AUD/USD0.69958+0.09%•
🇳🇿NZD/USD0.57932−0.35%•
AAPL325.89−0.56%•
MSFT390.34−1.86%•
NVDA212.06+2.30%•
AMZN244.85−1.09%•
GOOGL342.09−1.46%•
TSLA374.01−1.30%•
BHP60.63+1.46%•
CSL115.75−1.86%•
IPO Track Record

IPO History & Success Stories

A look at how landmark listings have performed, what the ASX pipeline has raised over the past seven years, and the sector mix behind those flows.

ASX capital raised (2019–25)
A$40.7B
Across new listings
Global IPOs tracked
1,200+
US + AU + NZ pipeline
Average day-one return
+18%
Where oversubscribed
12-month IPO win rate
63%
Positive vs issue price

ASX capital raised by year

2019
A$6.6B
2020
A$8.9B
2021
A$12.3B
2022
A$1.1B
2023
A$0.9B
2024
A$4.1B
2025
A$6.8B

Source: ASX Group monthly activity reports (aggregated). Figures rounded.

Sector mix of ASX IPOs (2019–2025)

Materials & Mining
32%
Technology
22%
Healthcare & Biotech
14%
Financials
12%
Consumer
10%
Energy
10%

Lessons learned

  • Discipline on price beats FOMO. The best-performing 2020–24 IPOs were priced within, not above, the marketed range.
  • Float size matters. Small free-floats amplify volatility in the first 90 days — size positions accordingly.
  • Lock-up expiries are catalysts. Watch the 90 / 180-day cliffs; supply overhang is real.
  • Sector matters more than the deal. Cohorts move together — a good business in a hated sector rarely rerates alone.

Case studies

CompanyListedIssueDay 1 close12m returnNotes
Airbnb
ABNB
Dec 2020US$68US$144.71+38%Post-COVID travel rebound and durable take-rate expansion powered the multiple rerating.
Snowflake
SNOW
Sep 2020US$120US$253.93+79%Landmark software listing; consumption model rewrote the SaaS growth playbook.
CoreWeave
CRWV
Mar 2025US$40US$40.00+120%AI-infrastructure pure play — the reference trade for the 2025 cohort.
Reddit
RDDT
Mar 2024US$34US$50.44+95%Data-licensing narrative plus retail engagement lifted valuation above IPO comps.
Life360
360
May 2019 (ASX)A$4.79A$4.79-58%Cautionary tale — early ASX listing weakness before eventual US dual-listing rerating.
Guzman y Gomez
GYG
Jun 2024 (ASX)A$22.00A$30.00+42%Largest ASX consumer IPO of 2024 — priced conservatively and traded materially higher.

Past performance is not indicative of future performance. Case studies are illustrative; individual client outcomes will differ.

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