2025 ASX IPOs: Here are 4 important floats to watch out for

The class of 2024 ASX IPOs isn’t complete just yet but attention should be turned to the class of 2025 ASX IPOs. They are getting ready to graduate to the Big Time next calendar year. Many of them could’ve made it in the past couple of years but held back as the dour equity market conditions continued.

So far in 2024, the market isn’t back to 2021 levels just yet. Some companies that could’ve been candidates withdrew, like Virgin Australia. But a few have listed and found success, particularly Guzman y Gomez, the latter potentially being the catalyst for a flurry of listings next year.

We thought we would pinpoint the Top 4 for investors to watch. For the record, we don’t mean ‘buy’ these companies. We don’t even know if for sure that they are going to list and even when we knew, we would at least like to glance through the prospectuses. After all, you can spot plenty of red flags there. Still, here are 4 ASX companies eyeing off an IPO next year.

4 2025 ASX IPOs to look out for

Virgin Australia

Whether or not this happens in 2025 is up for debate, but it seems that an eventual listing is the goal for current owner Bain Capital. A few things have stopped Bain from doing this sooner than it would have liked – and we are not just speculating, it has been in discussions with investment banks about a potential listing. The key has been uncertainty at the board level with Jayne Hrdlicka set to depart and a successor being unclear as of now.

The dour market for IPOs has not helped as well as the (relatively) poor performance of Qantas until the past month or so as well as the Red Roo’s dominant market share that limits the potential for Virgin to expand. The selling message for investors would be that the company is a leaner and profitable business, which was not the case during the pre-COVID John Borghetti era.

Gol

Gol, a company founded in Queensland in 2015 by four school friends, operates an online market place for corporate training courses. Having raised over US$400m from investors including AirTree, Seek, SoftBank and Microsoft’s M12 investors, and been valued at US$2bn just two years ago, it now wants to go public.

This eventual IPO may be on the ASX or in the US, nor is there a specific timeline beyond when market conditions approve, but it is keen to provide liquidity for its current investors and has restructured its leadership and board in a way that indicates that it is prepping to go public.

Cuscal

Cuscal could undertake its IPO before the end of this year, but 2025 is also a possibility. It has end to end infrastructure, including licensing and technology, that connects every payment rail to process any payment type. Earlier plans, reported by the AFR, would be to list at just over 9x earnings which would value it at A$500m. It is majority owned by mutual banks and credit unions, but also counts Bendigo and Adelaide Bank and Mastarcard as investors. Bendigo, and other banks, use the service to. It has potential to be a defensive stock, although the experience of Tyro Payments (ASX:TYR) depicts that payment volumes can be volatile, and there is the risk of technology outages that can infuriate customers, and thus investors.

Something from HMC Capital

HMC Capital, a property investor run by David Di Pilla, has conducted three listings in the last 5 years – HMC Capital, HomeCo Daily Needs REIT, and HealthCo Healthcare and Wellness REIT. It could be about to IPO two more publicly listed REITs/funds, flagged at last month’s AGM. The first was a digital infrastructure and data centre-focused fund, and the second would be a private credit vehicle that would hold first mortgages. This is all part of Di Pilla’s ambition for HMC to have $50bn in Assets Under Management (AUM), quadruple what it is now.

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