Key takeaways:

• The number of ASX IPOs and capital raised via IPO was down significantly in 2022 

With the IPO class of 2022 now behind us, the year was a departure from the norm. In total, around 100 companies listed on the ASX in 2022. That was down more than 50% on the corresponding number from 2021, and also a ten-year low. 

At the same time, the combined market cap of all listings was around $30 billion, including just $1 billion of fresh capital. The year prior, IPOs represented a total market cap of $52 billion, of which $13 billion was new funds. 

Looking at the January pipeline, the new year looks set to remain quiet for IPO activity.

Dynamic Metals (ASX: DYM) is expected to open proceedings in January. The ASX aspirant is one of the UK largest independent stockists of aerospace grade metals. It supplies high-grade metals like titanium, stainless steel, nickel alloys, aluminium, and alloy steels to many industry sectors worldwide. The company IPO consists of $7 million in fundraising at $0.20 per share. Rare earths explorer VHM (ASX: VHM) is expected to follow suit. The company claims it holds one of the world largest, highest-grade rare earth deposits, with its flagship Goschen Project consisting of 413,107 tonnes of total rare earth oxide (TREO). 

The project has a current Proved and Probable Ore Reserve' of 198.7Mt, and a Mineral Resource' inventory of 629Mt. VHM $30 million IPO includes more than 22 million shares sold at $1.35 each, with funds set to be used for resource expansion.

Next up, cobalt explorer High-Tech Metals (ASX: HTM) is due to push ahead with its $5.5 million float. The company was established in early 2022 for the sole purpose of acquiring 100% of the Werner Lake Project, a cobalt project located in north-western Ontario. 

ASX-listed Marquee Resources (ASX: MQR) is one of the current owners of the Werner Lake Project. Upon listing, HTM intends to review existing exploration data, establish new targets, and undertake a drilling campaign.

Founded in 2018, Acusensus (ASX: ACE) finds itself inching closer towards an ASX listing, currently scheduled for the first half of January. Specialising in advanced imaging and AI-enabled solutions, the company has developed a number of road safety initiatives both home and abroad. 

Acusensus' feats include the world first illegal mobile phone use enforcement camera program, deployed in New South Wales. It has also developed technology solutions for mobile speed enforcement and other road safety violations pertaining to seatbelts and unregistered vehicles.

Elsewhere, Gold Hydrogen (ASX: GHY) is looking to tap into the decarbonisation theme. The company, which is chaired by former politician and High Commissioner to the United Kingdom Alexander Downer, is exploring the future of clean energy in Australia. 

GHY is looking to secure $20 million in capital to conduct exploration for naturally-occurring hydrogen in South Australia. The company has exploration licences covering Kangaroo Island and Yorke Peninsula, where it believes the potential gas resource stands at 1.3 billion kilograms.

Rounding out the list of new names on the IPO calendar is South-East Queensland Exploration (ASX: SQX). The company current focus is copper and gold exploration at its Ollenburgs and Scrub Paddock Prospects, located in the Esk Basin in Queensland. Both Prospects reportedly feature known mineralisation and historical mine workings, which the directors believe warrant further exploration based on their highly prospective characteristics. 

Upon listing, SQX is looking to drill a series of high priority targets it has identified from soil sampling and an IP survey at its Scrub Paddock Prospect. It will also proceed with preliminary work at its Ollenburgs Prospect to identify potential drilling targets.

Not all of December scheduled listings made it to the ASX on time, which means several holdover IPOs are on the cards over the coming weeks. This includes lithium explorer Patagonia Lithium (ASX: PL3), heavy mineral sands explorer ACDC Metals (ASX: ADC), and Greentech Minerals (ASX: GTM), which is focused on mining high-purity quartz.

Upcoming ASX IPOs

CodeCompanyFocus

IPO size

Expected debut*

DYMDynamic Metals Aerospace grade metals supplier

$7M

Jan 6

VHMVHMRare earths explorer

$30M

Jan 9

HTMHigh-Tech MetalsCobalt explorer

$5.5M

Jan 10

ACEAcusensusAdvanced imaging and AI-enabled solutions

$20M

Jan 12

PL3Patagonia LithiumLithium exploration

$8M

Jan 13

GHYGold HydrogenHydrogen exploration

$20M

Jan 13

SQXSouth-East Queensland ExplorationCopper and gold explorer

$5M

Jan 19

ADCACDC MetalsHeavy mineral sands explorer

$8M

TBA

GTMGreentech MineralsHigh-purity quartz explorer

$7M

TBA

*All dates are subject to change and should be treated as an indicative guide only

December ASX IPOs

The results from December IPO cohort show a mixed bag of winners and losers.

Patriot Battery Metals (ASX: PMT) enjoyed the biggest opening day gain, with its share price more than doubling during its first day on the ASX. At one stage, those gains passed 200% before profit taking and a shift in sentiment against lithium stocks.It was a similar story for segment peer Patriot Lithium (ASX: PAT), which surged from an IPO price of $0.20 per share to a high of $0.44 per share. By the end of its first day of trading on the ASX, the stock had chalked out an 80% gain, but that figure decreased as investors lightened their lithium exposure. CodeCompanyFocusOpening DayMonth#THLTourism Holdings RentalsGlobal tourism operatorN/A-7.7%T88Taiton ResourcesEarly-stage gold explorer10%12.5%PATPatriot LithiumHard rock lithium exploration80%50%RVTRichmond Vanadium TechVanadium exploration-12.5%-35%PMTPatriot Battery MetalsLithium and battery metals111.7%31.7%DESDesoto ResourcesGold and lithium exploration-10%-15%SOCSOCO CorporationInformation management30%40%#Monthly results are for the period from listing until the close of trade, December 28, 2022