Cboe Global Markets’ Australian unit is maintaining strong momentum in its push for new listings, signaling continued interest from mining companies despite its parent company’s ongoing sale process.
Cboe Australia, a smaller rival to the ASX, had originally planned to launch its IPO market in the second half of 2025, but now expects the market to go live in early 2026.
"The sale process hasn't deterred anybody," said Oran D'Arcy, APAC head of listings at Cboe Australia, noting the company is proceeding in a cautious and measured manner.
The firm has been engaging with junior miners with market values of at least $30 million, identifying this segment as underserved and a potential sweet spot for growth.
Australia's financial regulator approved Cboe Australia's listings market application in October to boost competition and reduce ASX's dominance, and is now coordinating with the parent company to identify a suitable buyer.
While ASX remains the dominant exchange, Cboe Australia already accounts for about a fifth of the country’s stock market turnover and aims to provide a meaningful alternative, particularly as IPO activity is expected to increase.
Industry observers, however, caution that second-tier exchanges face a difficult path.
UniSuper's Penny Heard noted that globally, smaller exchanges often struggle to achieve sustained success and questioned whether Cboe Australia's sale might impact its market commitment.
Nonetheless, the exchange's efforts coincide with broader moves by ASX to streamline listing rules, potentially creating a more dynamic environment for companies seeking to go public.