In financial services, many firms are focused on providing bottom-line value to their clients. What most of them forget is how to properly communicate that value.
A good PR strategy has a greater impact on the bottom line than most firms realise. This book shows how to put in place an effective PR program in the financial services industry, and how great communications can add significant value to a firm.
Between them, Claudia Pritchitt and Leeanne Bland have over 50 years’ experience in public relations, communications, and marketing. Here, they explain the key tools needed in an effective communications strategy as well as why plain English is imperative in the jargon-heavy world of financial services.
While initial public offering (IPO) activity remained subdued throughout 2025, the latest HLB Mann Judd IPO Watch Report shows there were encouraging signs of recovery as the year progressed, pointing to a potential uplift in the IPO market in 2026.
The IPO market has had historically low numbers of listings over the past three years, shaped by ongoing economic and geopolitical uncertainty. Many businesses are choosing to delay their listings, favouring the stability of private ownership and avoiding the additional scrutiny that comes with going public.
In 2025, 35 companies listed on the ASX, well below the 20-year average of 83 listings, however this was an improvement on the 29 listings in 2024 and 32 in 2023.
Simon James, partner at HLB Mann Judd Sydney and author of the report, says the Australian IPO market began to show early signs of recovery during the course of 2025 after a muted period.
“There are early indications that 2026 could be stronger than recent years,” James says. “The pipeline remains soft, with just four ASX listings announced so far, but several high-profile names have signalled an intention to float later in the year.”
Despite the increase in listings, total funds raised fell to $3.2 billion from $4.1 billion, representing a decline of 22 per cent. Average funds raised per IPO dropped from $142 million to $92 million.
James says that global uncertainty, tariff impacts and trade tensions continue to weigh on market sentiment.
“Private capital remains abundant, offering businesses an attractive alternative to listing given lighter disclosure and regulatory requirements. While ASIC reforms aim to simplify the ASX listing process, perceptions of cost and complexity persist.”
Small cap listings dominated the market in 2025, consistent with historical trends during slower IPO periods. The number of small cap IPOs rose 11 per cent compared to 2024, with funds raised increasing from $166 million to $204 million. Average funds raised per small cap IPO also climbed from $9 million to $10 million.
Materials was the standout sector, accounting for 63 per cent of all IPOs in 2025 - up from 45 per cent in 2024. Listings in this sector largely sought funding for exploration and development projects, supported by strong commodity prices, including gold, rare earths, copper and iron ore. Materials also led in capital raised ($999 million), followed by Real Estate ($750 million) and Transportation ($685 million).
New listings delivered an average day one gain of 15 per cent and an average year-end gain of 23 per cent, outperforming the ASX All Ordinaries Index, which rose seven per cent. Of the 35 new listings, 26 recorded a first-day gain, though only 12 remained above issue price at year-end.
“Despite prolonged softness, we remain positive about the outlook in 2026. IPO activity will not stay subdued indefinitely, and leading businesses will not remain private forever,” says James.
