The first IPOs in 2023 are coming to market. Will this year be different than 2022?
Nick Sundich, January 13, 2023
The first couple of IPOs in 2023 have listed this week. The ASX IPO market in 2022 was essentially non-existent outside of resources companies – some performed, while others were flat. Will this pattern continue and will we see more IPOs in sectors other than resources this year?
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The first couple of listings fail to excite, will the third be better?
The first IPO of 2023 was rare earths and mineral sands developer VHM (ASX:VHM). The company owns the Goschen project in Victoria and is targeting production for 1HY25. It listed on Monday, but has underperformed all week, currently trading 20% below its $1.35 IPO price.
VHM (ASX:VHM) share price chart (Graph: TradingView)
Listing on Thursday was Ascensus (ASX:ACE), a company that develops and sells AI-based traffic enforcement solutions. This company finished its first trading day flat.
And set to become the third IPO in 2023 today is Gold Hydrogen (ASX:GHY), which has a Petroleum Exploration License in South Australia.
As its name implies, it is focused on gold hydrogen, which is hydrogen that occurs naturally and is generated by geological processes. It consequently is more cost-effective and generates lower emissions compared to other types of hydrogen.
This company is notably chaired by former Foreign Minister Alexander Downer, who joined the company in the middle of last year.
Big name IPOs in 2023
Beyond a handful of small cap resources companies set to list in the next few weeks, the pipeline of IPOs in 2023 doesn’t look too promising. But it’s early days with several larger non-resources companies rumoured to be float candidates later this year, including Virgin Australia, Chemist Warehouse and Foxtel.
But it is unlikely we will see any of these join the list of IPOs in 2023 until equity market conditions improve.
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