IPO.
ASX. NSX. TMX.

We have initiated more than half a dozen IPOs. Behind each one sat the seed rounds, pre-IPO raises, structuring and investor work that made it possible. We have run all of it.

We have also sat on the other side of the table as founders, early backers and long-term shareholders in unlisted companies. We know how a raise looks to the company and to the investor.

That experience covers every route on this page. Raising or not. ASX, NSX or TMX Australia.

• Seed and early-stage raises from wholesale investors
• Pre-IPO rounds that build the holder spread
• Listing readiness: structure, governance, accounts and disclosure
• IPO and compliance listings, coordinated with your lawyers, auditors and the exchange
• Life after listing: follow-on placements and investor relations

The best listings are planned from the seed round. Talk to us early.

Services provided under Mac Equity Partners Pty Ltd, AFSL 338731.

In an IPO, the company issues a prospectus lodged with ASIC, raises capital from new investors and has its shares quoted on a stock exchange. From the first day of trading, those shares can be bought and sold on market.

A company can also list without an offer. That is a compliance listing, covered in section 4.

A listing is a means, not the goal. It earns its cost when the company needs one or more of these.

• Capital: raise at the IPO, then return to the market for placements, entitlement offers and share purchase plans.
• Liquidity: founders, staff and early backers get a market to sell into without waiting for a trade sale.
• A price: a quoted value replaces a negotiated valuation at every later round.
• Currency: listed shares can pay for acquisitions. Options and performance rights reward staff.
• Profile: a listing lifts visibility with investors, customers, lenders and partners.

We test whether a listing is the right step first. If it is not yet, we will say so and plan the private rounds that get you there.

List when the company is ready and the market wants the story.

Under $15m: NSX. Under $15 million in value, or short of 300 holders, the NSX is usually the realistic route. It is cheaper to enter and built for companies at this stage.

$15m to $30m: ASX. With enough demand to reach 300 holders, the ASX. It has the widest broker network and the largest investor base.

$30m+ or profitable: ASX or TMX Australia. Compare them side by side. TMX Australia needs fewer holders and may cost less. The ASX offers more liquidity and a longer track record.

Mining and exploration companies are the main exception. Smaller miners tend to choose the ASX because its brokers, analysts and investors understand them. The ASX ranks first in the world for mining IPOs and capital raisings over the past ten years.

Exchange fees are rarely the biggest cost. Advisers, the registry, legal, audit and expert reports usually come to more. We test the company against all three markets and price the full listing before you spend anything.

A listing without a funded raise is a cost. We scope the market and the raise together, with fees agreed in writing first.

General information only, not advice. Admission is at each exchange’s discretion. Requirements checked against the ASX Listing Rules, NSX Listing Rules and TMX Australia Listing Rules v1.1 (3 August 2026) on 19 October 2026.

A compliance listing suits a company that already has its holders and its capital, or is already quoted elsewhere. It lists on an information memorandum instead of a prospectus. There is no offer to run and no underwriting, so the timetable is shorter and the cost is lower.

The condition is the same on all three exchanges. No capital raised in the three months before listing, and none needed in the three months after.

ASX: an information memorandum is accepted only in limited cases, usually where the company already meets the 300-holder spread. Disclosure must still match a prospectus.

NSX: the widest choice. Direct Entry for unlisted public companies. Compliance Listing for companies already on a recognised exchange, including demerger spin-outs. Fast Track for ASX-listed companies moving across, in as little as four weeks for a nominal fee.

TMX Australia: an information memorandum is accepted with TMX’s prior approval. The company must still meet the 150-holder spread and a size test.

Once quoted, the company has a market price to anchor its next raise.

Best fit: companies with a large unlisted register, family or employee-owned businesses, demerged divisions, and listed companies looking to move.

TMX Australia already handles about a fifth of Australian share trading. ASIC approved it to list companies in October 2025, which makes it the first real competitor to the ASX for IPOs.

It asks for 150 holders, each with at least $2,000. That is half the ASX figure. Then one of four size tests: $4 million of net tangible assets, $750,000 of operating profit, a $30 million market capitalisation, or $10 million each of assets and revenue. Companies listing on the asset, profit or market-cap tests also need $1.5 million of working capital.

The rules do not require a Nominated Adviser or sponsor. Company listing fees have not been published yet. Before launch, the exchange said its pricing would sit below its competitors.

Two cautions. Companies that list there trade only on TMX Australia, so check which brokers can reach the stock. It is also a new listing venue with no track record for company IPOs yet.

Best fit: companies valued at $30 million or more, or profitable businesses, that want a smaller holder requirement than the ASX.

The NSX suits smaller companies, family businesses selling down part of their holding, and companies whose shareholders already need somewhere to trade.

Fifty holders, each with at least $2,000. A quarter of the capital in public hands. Two years of audited accounts, with alternatives open to discussion. A market capitalisation of at least $500,000. No profit test and no minimum raise.

Every NSX company keeps a Nominated Adviser for as long as it stays listed. We coordinate the appointment.

Exchange fees sit below the ASX at the same size. Moving an existing ASX listing across under Fast Track is the cheapest route.

The trade-off is depth. The NSX is a small market, so liquidity comes from the register you build rather than from outside traffic.

Best fit: companies below the ASX tests that want a quoted price and a tradeable register.

The ASX is the incumbent exchange and still carries most of Australia’s share trading. It suits companies that need broad broker coverage and a large retail register.

The tests are the toughest of the three. 300 holders outside the company, each with at least $2,000. A free float of at least 20 per cent. Then either a profit test, with $1 million of profit over three years and $500,000 in the last twelve months, or an assets test, with $4 million of net tangible assets or a $15 million market capitalisation. Companies listing on the assets test also need $1.5 million of working capital.

Exchange fees are the highest of the three. They scale with market value, from tens of thousands of dollars at the smallest size to six figures for larger floats, plus an annual fee.

It is also Australia’s home market for resources. More than 850 resource companies are listed on the ASX. Smaller miners and explorers tend to list there because the market understands how to value them.

Best fit: companies valued at $15 million or more, able to place stock with 300 or more holders. Also mining and exploration companies, including smaller ones.