The tech IPOs set to make headlines
After a subdued few years for new sharemarket floats, 2026 could mark the start of an initial public offering (IPO) comeback on the Australian Stock Exchange (ASX).
According to HLB Mann Judd's latest IPO Watch report, the ASX recorded 35 new listings in 2025, up from 29 in 2024 and 32 in 2023, but still well below the long-run annual average of 83.
The firm says there are early signs this year could be stronger, even if activity remains patchy for now.
"The pipeline remains soft," says Simon James, partner at HLB Mann Judd Sydney, "but several high-profile names have signalled an intention to float later in the year."
For everyday investors, IPOs can be exciting. They offer a chance to buy into a company when it first lists on the sharemarket. But they also come with hype, uncertainty and plenty of risk.
Why companies list on the sharemarket
An IPO is when a private company lists on the sharemarket and sells shares to investors for the first time.
At its core, the process is about raising money. That capital might be used to fund growth, expand into new markets, develop projects, pay down debt or strengthen the balance sheet.
In some cases, it also lets founders, private equity backers or early investors sell down part of their stake.
One example of an upcoming IPO is 49 Metals, a gold explorer pursuing ASX plans this year.
The company is seeking to raise $10 million to advance projects in Nevada in the US. According to reporting on the offer, it plans to issue 50 million shares at 20 cents apiece.
In its prospectus - a legally required document that functions as a pitch to investors - the company will offer 50 million shares at $0.20 each to raise the amount.
"I look forward to you joining us as a Shareholder and sharing in what we believe are exciting and prospective times ahead for the Company," said Richard Pearce, a non-executive chairman at 49 Metals in the document.
What new listings are in the IPO pipeline?
Including 49 Metals, the ASX's upcoming floats and listings page shows only a handful of near-term deals, a sign the market is still cautious.
One of them, Kapstream Investment Trust, is structured as a listed investment trust (LIT) - investors buy units in a closed-end trust that invests in a managed fixed-income/private-credit portfolio, and those units then trade on ASX like shares.
The other entries are traditional IPOs, where investors buy shares in a company at an offer price.
All of these near-term floats sit in materials - four gold-focused explorers and one uranium name - extending last year's pattern of resources dominating the tape.
Brad McVeigh, HLB Mann Judd partner in corporate and audit services in Perth, says that in contrast to the broader market, resources listings have been "red hot."
Materials accounted for around 63% of all listings in 2025.
"There were a number of instances of companies launching capital raises and closing the book just an hour later due to overwhelming demand."
McVeigh says the optimism should continue in 2026: "With a supportive equities market and clear drivers of demand, the resources sector appears set for a period of sustained activity."
ASX IPO rumours in 2026
It is not just miners that could test the market this year.
Koala appears to be one of the more advanced non-resources candidates. Recent reports say the furniture brand is targeting an April 2026 ASX listing, seeking about $70 million at a valuation of roughly $300 million to $305 million.
It joins competitor Amart Furniture, which has flirted with the idea of listing on the ASX after chalking over $1 billion in annual sales. It is set to join its other home retailer competitors such as Nick Scali, Adair and Temple and Webster on the exchange.
Pet supply company Greencross has also been widely tipped as a possible candidate, although some recent reports suggest its IPO plans may be on hold.
That is a useful reminder for investors: until a prospectus is lodged and a timetable is locked in, an IPO is still only a possibility.
Tech company IPOs to break records
Technology is still setting the tone for valuations and fuelling speculation about who lists next.
Rokt, the Australian-founded e-commerce software firm, is again eyeing public markets. Recent reports put its valuation around US$7.2 billion, and it has explored a dual listing that could see shares trade on both the ASX and Nasdaq.
Sharon AI has opted for that offshore-first route: it listed on Nasdaq in February, raising about US$125 million to fund its AI cloud infrastructure, and has flagged an ASX secondary listing by April.
Rival Firmus Technologies is also closing in on an ASX listing mid-year, after securing a US$10 billion Blackstone- and Coatue-led debt facility to build out "AI factories" across Australia.
In sadder news for the local market, Aussie tech darling and design platform Canva is expected to launch on US markets. Valuations are estimated at around $65 billion, with investors expecting a 2026 timetable.
Even so, these mooted local floats and Aussie projects sit alongside a much larger US-led IPO watchlist.
Anthropic (maker of Claude) has just raised US$30 billion at a US$380 billion valuation and is widely tipped to pursue a 2026 IPO.
Its competitor, OpenAI, maker of ChatGPT, was valued at US$500 billion last October and has been linked to additional fundraising that could push its private valuation higher ahead of a possible late-2026 listing.
And at the top end, SpaceX is reported to be weighing a 2026 IPO at roughly US$1.5 trillion, a record-scale listing if it proceeds.
Should investors rush in?
Not necessarily. IPOs can offer the appeal of getting in early, but they do not always deliver quick gains. Some list strongly and then fade. Others disappoint from day one.
Unlike established listed companies, new floats often have a shorter track record in public markets and less information for retail investors to work with.
Simon James says investors should be careful of the IPO whispers as there's an "element of sales and marketing" to them.
"I'd be looking for the whispers that are actually tied into proper business plans and money being raised for the right reasons as opposed to hype around company names," he says on a recent Friends with Money podcast.
"Anyone investing in any stock should understand the business model and what it's trying to achieve. Is it hitting its milestones or not? Just go onto the ASX website to upcoming listings where all the prospectuses and information are readily available."
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