Every Tuesday afternoon we publish a collection of topics and give our expert opinion about the Equity Markets.

As 2025 comes to a close, capital markets feel very different to where they started. After several years of subdued issuance, we finally saw meaningful signs of life return to Australia’s IPO and private-capital markets. Volatility didn’t disappear, but investors showed a renewed willingness to back high-quality growth stories, particularly in mining, AI-linked infrastructure, and advanced materials.

For ECM teams, 2025 was not a boom year, but it was a turning year.

IPO Activity: A Slow Start, a Stronger Finish

For much of the past few years, IPO activity in Australia lagged behind other major markets. But in 2025, that changed. The ASX saw a steady stream of new listings, particularly in the second half of the year. Resources companies led the charge, especially those in gold, copper and critical minerals. This wasn’t just a handful of small floats; rather, it reflected meaningful volumes of new capital coming to market and a clear improvement in investor demand.

Source: theinvestorstandard.com.au

By Q3 of 2025, the ASX had recorded 73 IPOs year-to-date, up from 67 in full-year 2024 and 45 in 2023, a strong signal of returning market confidence. Resources continued to dominate, with investors now favouring mature assets with credible production pathways and disciplined valuations rather than early-stage exploration stories. This revival wasn’t limited to mining, the broader ECM landscape felt more alive, with more companies choosing to raise money publicly rather than waiting on the sidelines.

Sector Heat Map: What Was Actually “Hot” in 2025?

Resources dominated IPO and ECM activity in 2025. Gold companies were prominent throughout the year, supported by sustained strength in the gold price and consistent investor demand for both producers and advanced explorers. Copper also attracted strong interest, underpinned by long-term electrification and infrastructure themes that continued to influence capital allocation decisions.

Critical minerals featured prominently across both IPOs and capital raisings, particularly projects aligned with battery supply chains, technology inputs and strategic minerals. These sectors benefited from growing policy focus on supply chain security and long-term demand visibility. Outside resources, activity across other sectors was more selective, with fewer listings and a stronger emphasis on balance sheet strength and near-term cash flow.

Notable Market Events During The Year

Several major policy and macroeconomic developments shaped market sentiment and capital markets activity throughout 2025. In April, the United States announced a new round of broad-based import tariffs under President Donald Trump, triggering a short-term spike in global market volatility and briefly slowing IPO and ECM momentum across Australia. Later in the year, Australia and the United States formalised a critical minerals framework agreement, aimed at strengthening supply chains and cooperation across mining and processing of strategic commodities.

Domestically, monetary policy remained a key focus. The Reserve Bank of Australia held the cash rate steady through the latter part of the year following earlier tightening, with inflation and economic data guiding expectations for an extended pause. Australia also held its federal election in May 2025, resulting in a decisive re-election of the Albanese Government. In climate policy, the Liberal Party formally stepped away from its net-zero by 2050 commitment, while Australia’s legislated emissions reduction targets under the Paris Agreement remained in place. 

Collectively, these events contributed to a year characterised by periods of heightened volatility followed by stabilisation, with investor sentiment shifting between caution and renewed confidence as policy clarity improved and markets adjusted to evolving global and domestic conditions.

The BPC View

2025 marked a clear inflection point for Australia’s IPO and ECM markets. While the year began cautiously, the second half demonstrated that investor appetite has returned for quality opportunities, particularly in resources and critical minerals. Capital is increasingly being directed toward projects with clear pathways to development, supportive macro tailwinds and strategic relevance.

Looking ahead, the improving depth of the IPO pipeline and continued focus on commodity-linked growth suggest that momentum built in 2025 is likely to carry into 2026. For companies operating in BPC’s core sectors, the reopening of capital markets presents renewed and increasingly selective opportunities to access funding, advance projects and engage a broader investor base.

As we head into the festive season, we wish all our readers a relaxing and enjoyable break and thank you for your continued trust and support of Barclay Pearce Capital.

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