GRT Alert: ASIC’s Two-Year Fast Track IPO Trial Is the Biggest Shake-Up to the Listing Rules in Almost a Decade

After the quietest start to the IPO year since the 2020 COVID lockdowns, with only about $187 million raised so far, less than half the amount at the same time in 2024, Australia’s IPO market has been waiting for a circuit breaker.

What’s different?

Pathfinder Prospectus: The company can email an early draft to ASIC two weeks before formal lodgement, giving the regulator time to complete its review upfront and trimming at least one week from the traditional timetable.
Shorter exposure and execution window: The period in which an IPO is most exposed to market volatility falls from about 3 and a half weeks to 2 and a half weeks.
Early retail take-up: issuers may open applications to retail investors sooner, improving deal momentum.
Eligibility: applies to companies that already meet the ASX fast-track criteria and expect a market cap above A$100 million, with no escrow period for the sale of shares imposed.

These changes will come into effect immediately.

ASIC chair Joe Long hopes the changes will deliver more IPOs, which means more investment opportunities, jobs and economic growth. Similar accelerators have been adopted in the US, UK, EU and elsewhere, so this move also keeps the ASX competitive globally.

If you’d like to discuss a potential listing, please contact Dale Copley, Scott Standen or Glenn Vassallo.

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Aylesha serves as the General Manager at GRT Lawyers, providing effective leadership and overseeing the day-to-day operations of the firm. In her role, she manages human resources, marketing, events, and directly supervises the Administration team.

Bringing more than 19 years of experience in office management, senior administration, project and event management, as well as human resources, Aylesha has a proven track record of excellence in high-pressure environments. Her wealth of experience and professionalism ensures the seamless functioning of the firm. Aylesha excels in optimizing operational efficiencies by reviewing and implementing systems, policies, and procedures to support business functions, resulting in impactful results. She adopts a holistic approach, balancing a keen eye for detail with a focus on overarching goals.

Aylesha’s passion lies in people and culture, where she actively fosters strong relationships across all levels of the business. She connects with staff to instill the core values of GRT Lawyers and the GRT Foundation, believing in creating value through people. Her approach involves working with passion and understanding, offering support and cultivating relationships that enhance both business and individual performance.

EXPERIENCE

Her career history encompasses multi-faceted roles giving her exposure to the specialty fields of Human Resources, Marketing and Event Management. Roles have included:

Human resources, including recruitment, performance management, staffing, new employee onboarding, employee benefits, payroll and training and development.
Marketing – including roles involving the development and implementation of marketing and business development strategies.
Background in planning internal and external events from conception through to execution, displaying qualities of a successful event planner: thorough yet precise, expert knowledge, ingenuity in identifying and solving problems and clear, concise communication.

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Scott Standen

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EXPERTISE

In depth understanding of the M&A processes (public M&A and private M&A transactions)
Public equity capital markets transactions
Management of due diligence processes
Deep understanding of governance frameworks
Corporate structuring
Capital structure management
Transaction management

PROFESSIONAL SUMMARY

Scott is a founder and Director of GRT Lawyers and GRT Foundation and corporate lawyer. He leads a team of specialist legal professionals, providing advice to organisations of all sizes, from middle market, large corporates and government owned corporations.

Scott’s career spans more than 20 years as a corporate lawyer and has encompassed an in-house general counsel role, director of Statutory Authorities and corporate legal adviser to managing directors, chief financial officers and boards of directors of ASX listed companies.

Scott is regularly called on by clients to provide strategic corporate advice to boards of directors and to project manage merger and acquisition transactions and public equity markets transactions. He prides himself in providing technically accurate and commercially focused corporate advice for public, private and listed companies, boards of directors and corporate advisers.

In particular, Scott advises on public equity markets transactions, debt issuances and restructuring, corporate governance and advisory, regulatory compliance, public and private M&A transactions, contract negotiation and directors’ duties and liabilities.

EXPERIENCE

Scott’s experience includes:

Advising Cerro Resources Limited in relation to its public market merger and acquisition deal with Canadian based Primero Gold Limited and the concurrent spin out of assets to Santana Metals Limited and listing of Santana Metals Limited on ASX
Advising Discovery Metals Limited in relation to its A$250 million debt restructuring and associated equity raisings and proposed convertible note issue
Advising Polymetals Limited in relation to its acquisition by Southern Cross Goldfields by way of scheme of arrangement
Advising Southern Cross Goldfields Limited in relation to its A$60 million capital raising transaction involving equity, debt and hybrid securities
Dual listing on Hong Kong Exchange of ASX listed company
ASX listing of Asia focused technology / media company and
ASX listing of Apiam Animal Health Limited, vertically integrated provider of services and product to agricultural industry and
ASX listing of P2P Transport Limited.

QUALIFICATIONS

Scott holds Bachelor Degrees in Law and Business Administration and a Masters of Law. Scott has previously held positions as a Director on the Boards of the Queensland Manufactured Water Authority (and related entities) and the Queensland Bulk Water Authority (and related entities).