There were close to 40 fewer listings in 2019 as compared with
2018, and that figure is higher still if compared with 2017.
Capital raised by IPOs in 2019 was also almost A$3 billion lower
than in 2018. Beyond the floats, a number of proposed high profile
floats were withdrawn, such as Latitude, Property Guru, Retail Zoo
and Onsite Rental.
There was no one reason for this outcome, but a combination of
factors clearly made listing on the ASX in 2019 a challenging task.
The macro factors included elections in Australia and the UK and
intensifying US-China trade tensions and the impression left by
proposed international mega-IPOs like WeWork (whose valuations were
significantly reduced once tested as part of the listing
process).
