How to buy an IPO in Australia

Retail investors in Australia buy IPO shares by submitting an application through a licensed stockbroker or directly via the company prospectus during the public offer period. Most applications open online, with minimum investments typically starting at $2,000. Allocation is not guaranteed. Sophisticated investors can access pre-IPO deals and ASX placements at pre-listing prices, before shares trade publicly.
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What is an IPO?

An Initial Public Offering (IPO) is the process by which a private company lists its shares on a public exchange, such as the Australian Securities Exchange (ASX). During an IPO, the company issues new shares to raise capital. Those shares then trade publicly once the company lists.

For investors, an IPO can represent an early entry point into a business before broader market attention arrives. The ASX typically records dozens of new listings each year across resources, technology, financial services, and healthcare.

The two paths to buying IPO shares

There are two distinct routes to IPO participation in Australia. They come with very different terms.

Standard access

Retail route

  • Public prospectus application
  • Minimum $2,000 entry
  • Allocation not guaranteed
  • Listing price as entry point
  • Oversubscription is common

Sophisticated route

Retail routeQualified access

  • Pre-IPO placements via S.708
  • Entry before public listing
  • Pricing negotiated directly
  • No oversubscription scramble
  • Exclusive deal flow

How to buy IPO shares, step by step

1. Find upcoming IPOs

ASX’s listings page and ASIC’s MoneySmart website publish upcoming floats. Your broker platform will also surface open offers during the application window.

2. Read the prospectus

Companies are legally required to publish a prospectus before listing. It covers the business model, financials, use of funds, risk factors, and offer price. Read it before committing capital.

3. Submit your application

Apply online via the company’s share registry, typically Link Market Services or Computershare, or through your broker. Enter your share amount and HIN or SRN.

4. Transfer funds

Payment is made upfront via BPAY or EFT using details provided in the prospectus. Funds are held in trust until allocation is confirmed.

5. Wait for the outcome

If the offer is oversubscribed, your allocation may be scaled back or you may receive no shares. Unused application funds are refunded after the offer closes.

6. Shares list on ASX

Once ASIC approves the prospectus and ASX grants admission, shares begin trading. Your holding will appear in your brokerage account.

Why retail investors often miss out?

Popular IPOs are routinely oversubscribed.

Institutional investors and high-net-worth clients, applying for large parcels, are typically prioritised in the allocation process. Retail applicants receive scaled-back positions or nothing at all.

By the time a retail investor hears about an IPO and submits an application, the deal structure is already set. The price has been negotiated. The terms are fixed. Retail investors take the offer as presented, with no ability to negotiate entry conditions.

This is not a quirk of the Australian market. It is how public capital markets work globally.

A different type of IPO access for sophisticated investors

Before a company reaches its public float, it often raises capital through private placements and pre-IPO rounds. These deals are offered exclusively to sophisticated investors under Section 708 of the Corporations Act 2001.

Net assets

$2.5M
Minimum threshold to qualify

Gross income

$250K
Per year, two consecutive years

Investors who qualify can participate in deals that never reach the retail offer. Entry prices are often set below the anticipated listing price. 708deals connects sophisticated investors with ASX-focused placements and pre-IPO opportunities sourced by Peloton Capital (AFSL 406040).

Check if you qualify as a sophisticated investor

Frequently Asked Questions

Can anyone buy IPO shares in Australia?

Yes. Any Australian investor with a brokerage account can apply during the public offer period. Whether you receive an allocation depends on demand and the company’s discretion.

Most prospectuses set a minimum application of $2,000. Some offers set higher minimums depending on the size and structure of the deal.

Not always. Many companies allow direct applications via their share registry. Broker platforms consolidate available offers and simplify the process.

The company scales back allocations. Retail investors are typically prioritised last. Unused application funds are refunded after the offer closes.

A sophisticated investor is a qualified investor under Section 708 of the Corporations Act. That status unlocks access to pre-IPO placements and ASX capital raises not available to the general public.

Pre-IPO investing carries its own risk profile. There is no guarantee a company will list successfully. Investors should review all offer documents and seek independent financial advice.

Ready to go beyond the public offer?

Retail IPO access gives you the listing price and whatever allocation remains after institutional and priority clients are served. Sophisticated investor access gives you early entry, direct deal flow, and terms set before the prospectus reaches the public.

Explore ASX IPO access for sophisticated investors
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AFSL Licence details

Licensee Name: Peloton Capital Pty Ltd
AFSL Number: 406040
ABN: 22 149 540 018
 
General Information
Peloton Capital Pty Ltd is an Australian Financial Services Licensee (AFSL) authorized by the Australian Securities and Investments Commission (ASIC) to provide financial services to both retail and wholesale clients.
 
Authorised Financial Services
Under AFSL 406040, Peloton Capital is authorised to provide financial product advice and deal in financial products, including:
  • Securities: Buying and selling shares and corporate bonds.
  • Derivatives: Trading in exchange-traded options and other derivative products.
  • Managed Investment Schemes: Advice and dealing in unit trusts and investment funds.
  • Deposit Products: Basic deposit products.
  • Underwriting: Underwriting of an issue of securities.
  • Standard Margin Lending: Providing credit facilities for investment purposes.
 
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  • Financial Services Guide (FSG): For a detailed breakdown of our services, fees, and dispute resolution process, please download our Financial Services Guide (PDF).
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Important Legal Notice

Before you proceed, please read the following carefully:

This website and the investment opportunities referred to on it are provided in reliance on section 708 of the Corporations Act 2001 (Cth). The materials you are about to access do not constitute a prospectus, product disclosure statement or other disclosure document under Australian law and have not been lodged with the Australian Securities and Investments Commission (ASIC).

Access to this website and any invitations to participate in capital raisings, placements or other investment opportunities offered or introduced by Peloton Capital is strictly limited to persons to whom offers may lawfully be made without disclosure under Part 6D.2 of the Corporations Act 2001 (Cth).

By clicking “I Confirm”, you represent and warrant that you are one of the following:

  • A sophisticated investor within the meaning of section 708(8) or 708(10) of the Corporations Act;

  • A professional investor as defined in section 9 of the Corporations Act;

  • A person to whom an offer may otherwise lawfully be made without the need for a disclosure document under section 708;

  • Accessing this information for your own investment assessment and not for redistribution; and

  • Acknowledging that Peloton Capital will rely on your confirmation in accordance with Australian law.

You acknowledge that:

  • No disclosure document has been prepared for the offers on this site;

  • You will not receive the protections afforded by a prospectus or product disclosure statement;

  • Peloton Capital and its representatives are entitled to rely on this confirmation; and

  • The invitations are not available to retail investors unless the law permits otherwise.