IPO Watch Mid-Year ReportJuly 24, 2020

The number of IPOs in the first half of 2020 fell considerably in comparison to previous years. This was against the backdrop of a volatile period for the ASX overall. There have only been 12 new listings this year which is in marked contrast to 2019 which saw 23 new listings in the first half of the year and the five-year average of 34 listings. The total amounts raised from new offerings also fell significantly. Only $132 million was raised over this period compared to $823 million raised over the same period in 2019 and $2.5 billion raised in the first six months of 2018. This was primarily due to the lack of large cap IPOs with only one new listing, Atomo Diagnostics Limited (ASX: AT1), that had a market capitalisation greater than $100 million upon listing. Whilst the first half of the year historically experiences lower volumes of listings, it would appear that the COVID-19 pandemic had a significant impact on the IPO market.

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