Harsh Batra
Australia’s IPO market hit a wall this fortnight.
Nvidia-backed Firmus abandoned an ASX listing that would have ranked among the country’s largest in decades, after investors balked at a $30.6bn valuation built on a short operating history and heavy debt.
Days later, Blackstone-backed AirTrunk postponed its own $1.5bn Singapore REIT listing, citing rate-driven turbulence, while the Philippines’ PLDT shelved a data-centre REIT float of its own.
None of that slowed the deal flow. Teaser Australia’s tracker captured 36 deals this fortnight, with Materials the clear leader, accounting for a third of all activity as gold, copper and nickel consolidation continued across the country.
This fortnight’s highlights are:
- Crimson landed its $35.5m takeover of Kip McGrath Education Centres after the board dropped its opposition.
- Gold Fields and BHP agreed to the divestment of BHP’s Kambalda Nickel Concentrator.
- Capital Limited entered the Australian market outright, acquiring Kalgoorlie driller Metres Down Under for up to US$16m.
For more insights and conversations about the market, connect with me on LinkedIn.
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Weekly summary | October 20, 2026
Teaser Australia’s tracker captured 36 deals involving Australian companies or assets this fortnight.
Materials was the busiest sector, accounting for 12 of the 36 deals as gold, copper, nickel and construction-materials consolidation dominated. Technology followed with six deals, while Business Services added four.
Domestic dealmaking made up the bulk of the fortnight’s activity. Inbound buyers were active too, with Crimson Education landing its $35.5m takeover of Kip McGrath Education Centres and Central Asia Metals completing its takeover of Cygnus Metals, while Capital Limited entered the Australian market outright through its acquisition of Metres Down Under.
Outbound activity included Neara’s acquisition of New Zealand’s Zepben, AXP Energy’s purchase of an Oklahoma oil and gas portfolio, and Cooper Metals’ move into an 85% interest in a Philippines copper project.
Beyond Materials, the wider deal flow touched financial services, infrastructure, education and telecommunications, underlining how broad-based this fortnight’s activity was even with resources firmly in the lead.
Rumour mill
- July founders take 20% stake in Memobottle at $10 million valuation
- Ingenia Communities Group receives revised non-binding indicative offer from Warburg Pincus
- Morse Micro lines up advisers, takes another key step on IPO journey
- Cue Clothing receivers axe 26 stores unwanted by bidders as sale shortlist takes shape
- The administrator of Edge Early Learning has entered into binding agreements with six parties for the sale of a further 22 early learning centre businesses
- Pioneer Secures Option to Acquire High Grade Gold-Copper-Silver Project in San Juan, Argentina
- Firmus Explores $3 Billion Private Round After IPO Flop
- PEP buys 30% of Grok Ventures-backed Energy Bay
- Genesis Mulls Gold Mine Sales Once Vault Takeover Is Completed
- CZR Resources makes best and final offer for Zuleika Gold Ltd.
Regulatory
- Regulator ‘closely scrutinising’ Sequoia’s second crack at selling InterPrac
- Australian court dismisses Cosette appeal to drop Mayne Pharma takeover
- Remedies offered to resolve concerns in non-domestic meter reading merger
- Takeovers Panel receives application from Ida Metal Investments Pty Ltd in relation to the affairs of Zenith Minerals Limited
Job moves
- MVP Announces transition of Chief Executive Officer
- Biotron appoints Glenn Gilbert as new CEO
- Gateway Mining Elevates CEO Richard Pugh to Managing Director in Board Restructure
- Besra Gold Announces Appointment of Non-Executive Director
- Mason Stevens farewells managing director
- Parramatta Eels appoint Mike Rush as Chief Executive Officer
- Appointment of Chief Financial Officer
- Anthony De Ceglie Steps Down As Perth Bears CEO
- Lovisa CFO Chris Lauder resigns
- Cath Norman Appointed Non-Executive Chair
- HESTA appoints general managers in investment and risk teams
- Customer Science Names James Johnstone as Chief Executive Officer
- Built appoints Mark McGowan to Board as company accelerates industrialised construction and productivity-led growth
IPOs
- Strongly Supported $4.1 Million Placement to Accelerate Exploration
- Matt Latimore’s M Battery Materials targets $25m raise in critical mineral IPO
- PARKD Signs Exclusive Strategic Partnership Agreement with ASX-listed Symal and Completes Successful Placement to Strengthen East Coast Expansion
- Matrix Critical Minerals IPO opens with priority offer to Orbit shareholders
- Identifai Genetics lists on the ASX following a $10 million IPO to advance US prenatal screening strategy
- Nvidia-backed Firmus closes IPO bookbuilding as investor support falter
- Nvidia-Backed Firmus IPO Collapses as AI Valuation Concerns Grow
