ASX Has Solid IPO Pipeline, But Waiting for Right Market Conditions, CEO Says
market cap of new listings sat at A$2.5 billion compared with A$58.9 billion the year before, a 96% drop. Annual listing revenue was affected by fewer listing and the delisting of some larger companies, said ASX.
In relation to the potential recovery of the IPO market, Lofthouse said ASX is particularly focused on the technology sector, but that there are a “number of sectors that we see represented in the pipeline." ASX also sees data as a strong business opportunity, as it can offer the sort of quality market information that is in demand among companies. For fiscal 2023, ASX’s technology and data division recorded an 8.5% on-year expansion in revenue to A$240.8 million, driven in part by growing demand for equities and futures market data.
Data, Lofthouse said, is an important opportunity for ASX. “When we talk about structural tailwinds for ASX, that’s a key one because we have a lot of high-quality data," she said.
“We’ve got very rich data at ASX on the debt markets and the bond markets and getting more of that packaged up appropriately to be able to give the marker more visibility on that is something I think is very important." For fiscal 2023, ASX’s net profit fell 38% to A$317.3 million partly due to the impact of significant items, including those associated with its Clearing House Electronic Subregister System. The company’s underlying net profit after tax of A$491.1 million fell 3.4% on fiscal 2022 due to a decline in operating revenue and higher total expenses.
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