Preparation
The company appoints advisers, audits financial statements and develops the prospectus or registration statement.
IPO information centre
How an IPO moves from private company to public market
A practical guide to filings, pricing, allocation, first-day trading and the checks investors should complete before sending money.
The listing process
Regulatory review
The relevant regulator reviews the filing. Questions, amendments and timing changes are common.
Price and allocation
The issuer and underwriters set a price after testing demand. An expression of interest does not guarantee shares.
Exchange trading
Allocated shares settle and public trading begins. The market price can rise or fall immediately.
Read the offer document
Look for audited accounts, use of proceeds, major shareholders, lock-up arrangements, related-party transactions, dilution and the exact security being offered.
Verify the provider
Search the ASIC professional registers for an Australian Financial Services Licence and check whether its authorisations match the product. Confirm custody and fee arrangements independently.
Understand access
Some international IPOs are unavailable to Australian retail investors. A broker offering US trading does not automatically provide access to new issues or private shares.
Plan for risk
IPO prices can be driven by limited supply and intense attention. Revenue concentration, lock-ups, thin trading, dilution and changing market conditions can amplify losses.
Continue your research
Compare the reported timing and business risks across the companies currently on our research desk.
Open the Anthropic IPO note