2026 ASX IPOs: Here are 5 candidate companies to look out for!

The pipeline of 2026 ASX IPOs is arguably the most promising since the pandemic. Lower interest rates, a slowdown in private equity and the successes of IPOs like Guzman y Gomez (ASX:GYG) have re-established ASX IPOs as a possibility.

Right now, a few weeks from the change of the calendar year, we can only speculate. But some companies have expressed interest in listing in the new year whether informal or even formal (i.e. conducting ‘pre-IPO rounds’).

In this article we look at 5 potential candidates to list on the ASX next year.

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5 Candidate Companies to be 2026 ASX IPOs!

Rokt

Rokt is a company that provides software to optimise online shopping “post-purchase” — presenting targeted offers, cross-sells, and promotions using AI and machine learning. It has become one of the highest-valued private tech companies with Australian roots — its valuation hitting US$3.5bn (A$5.6 b) in early 2025.

There are media reports that Rokt is exploring a dual listing on both the Nasdaq and the ASX. The idea behind a dual listing: give investors (especially Australian institutions and super funds) access to Rokt via ASX, while also tapping the deeper US tech-market investor base.

If such a dual-IPO does go ahead, it would be a major event for ASX in that our bourse would have one of the biggest Australian-origin private tech companies listing in years. That could attract not only retail but large super-fund and institutional money.

Greencross

Here’s a company that may be familiar with investors. It is a major provider of pet care services including vets but also pet retail (it owns Petbarn). Greencross’ first stint on the ASX lasted 12 years from 2007 to 2019 at which point it was snapped up by private equity firm TPG.

Since then, TPG sold a 45% stake to a consortium including AustralianSuper and HOOPP (a Canadian pension plan) around 2022. It mulled a takeover by EBOS Group (NZ), but that deal collapsed due to weak investor demand. But now, it is looking about listing again.

A relisting — if pursued — would likely be attractive for investors. It helps being a company that was once listed. But even if it was Greencross is large, has stable cash flows, and benefits from the enduring pet-care/pets-as-family consumption trend, which has tended to be resilient.

I-Med Radiology

I-Med remains Australia’s largest private radiology and diagnostic imaging provider with over 240 clinics. Its private equity owner (Permira) has been trying to sell the business. A sale process involving PE firms (particularly Stonepeak) reportedly stalled — partly because of uncertainty tied to several sites co-located with troubled private hospitals.

Because the sale didn’t complete, an IPO remains on the table. Its close ties to private hospitals are a concern. If those hospitals run into trouble or closures, that could materially weaken I-Med’s revenue base. Then again, retail investors are less quick to question risks than private equitors, so a 2026 IPO would be a far easier way out.

Morse Micro

Morse Micro is a Sydney-based fabless semiconductor company that develops Wi-Fi HaLow chips — long-range, low-power, designed for IoT devices. Founded in 2016, Morse Micro’s chips reach 10 times the range of conventional Wi-Fi technology and can connect security cameras and sensors to the internet over long ranges. It is Sydney-headquartered but has offices all over the world.

In 2025, it completed an $88m Series C funding round (led by Japanese chip giant MegaChips and the federal government’s National Reconstruction Fund Corporation) and a $32m pre-IPO round which took its total funding to over $300m. A pre-IPO round is a good sign it could be listing, but it is not guaranteed to happen at all, certainly not in 2026.

Firmus Technologies

This company has made the headlines for being co-founded by Roxy Jacenko’s wife and insider trader Oliver Curtis. Firmus is building “AI factories”, in other words large-scale, renewable-powered data-centre infrastructure to support AI workloads (GPUs-as-a-Service). Its flagship project is “Project Southgate” which is a “green AI factory” campus in Tasmania, using renewable energy.

It completed two funding rounds in 3 months (September 2025 and November 2025 with the first of these backed by Nvidia). The most recent round was A$6bn, so it’d be fair to assume any ASX IPO would raise over A$1bn.