The Australian Securities Exchange has seen 17 companies debut this year, but only six are trading above their listing prices, highlighting a persistent chill in the local initial public offering market.
The poor performance is largely driven by a wave of gold miners that have failed to capture investor interest since hitting the boards.
Despite the broader weakness, sentiment remains selective.
Investors are placing bets on newer entrants such as Firmus and Sharon AI to reverse the trend, suggesting that capital is still available for specific sectors even as the wider IPO pipeline struggles.
The disparity between the number of listings and the number of profitable debuts paints a grim picture for issuers looking to raise capital in the current regime.
This underperformance comes as Australia's public equity markets continue to lose potential listings.