ASX IPOs Q4 2025: Big Floats, Speculative Miners, Tech Plays, and ESG Winners

The final stretch of 2025 is shaping up to be one of the busiest periods for new listings on the ASX.

Investors are getting a smorgasbord of opportunities, ranging from high-tech materials and cloud software to online car retailers, junior mining explorers, energy plays, and climate-conscious agri-tech.

Here’s a full breakdown of the upcoming floats and why they matter.

Advanced Innergy Holdings (AIH) leads the pack. Listing recently, it raised a whopping A$150 million at $1 per share.

The company designs and manufactures mission-critical products for safety-regulated industries, including defence, aviation, and energy.

With Henslow and Morgans underwriting the float, AIH is squarely aimed at institutional investors chasing exposure to high-tech manufacturing with real-world applications.

Black Pearl Group (BPG) is a New Zealand-based cloud software company cross-listing on 28 November.

It provides productivity and demand-generation tools for small and medium businesses.

No capital is being raised in this foreign-exempt listing, but it gives Australian investors a chance to access a fast-growing SaaS business without the usual IPO mechanics.

Black Horse Mining (BHL) is a classic speculative ASX junior. Listing on 21 November, it’s raising A$8 million at $0.20 per share to explore the Mount Egerton Project in Victoria’s Bendigo-Ballarat zone.

The raise is not underwritten, with Inyati Capital and Veritas Securities acting as joint lead managers.

Carma Limited (CMA) is bringing consumer-tech to the table.

The online used-car retailer raises A$100 million at $2.70 per share, listing 5 November. Carma handles sourcing, inspection, financing, and delivery through its digital platform, making it Australia’s leading e-commerce automotive solution.

Canaccord Genuity and E&P Capital underwrite the float, making it a major consumer-tech story for the quarter.

Equus Energy (EQU) is an upstream oil and gas play, listing 24 November. The company raises A$15 million at $0.20 per share to fund petroleum exploration at the Equus Project.

Not underwritten, with BW Equities and Unified Capital Partners as joint lead managers.

Exulant Mining (10X) lists 4 December, raising A$5 million at $0.20 per share for mineral exploration. GBA Capital and Bay Financial are joint lead managers.

Another small speculative explorer, appealing to investors chasing early-stage mining stories.

Golden Globe Resources (GGR) is a mineral exploration play raising A$8.5 million at $0.20 per share, listing 31 October. Lead-managed by Bell Potter Securities, it targets gold and copper opportunities across regional Australia.

Moonlight Resources (ML8) lists 28 November, raising A$10 million at $0.20 per share. Leeuwin Wealth and Richlink Capital manage the float.

Moonlight focuses on the exploration and development of mining tenements, another mid-tier exploration story.

Sea Forest (SEA) is the ESG standout. Listing 26 November, it raises A$20.5 million at $2 per share. The company produces sustainable, seaweed-based products that reduce methane emissions in livestock farming, one of Australia’s largest export industries. Ord Minnett is the lead manager. For investors looking for climate-conscious agri-tech with global export potential, Sea Forest is a unique play.

Sentinel Metals (SNM) closes out the A–S cohort. Listing 30 October, it raises A$10 million at $0.20 per share. Canaccord Genuity leads, with CPS Capital Group and GBA Capital as co-managers.

Sentinel Metals focuses on mineral exploration, another classic high-risk, high-reward junior resource story.

The Big Picture: Q4 2025 on the ASX offers something for everyone. Advanced Innergy and Carma are large-scale floats that attract institutional and retail investors. Black Pearl offers a low-risk tech cross-listing.

Junior miners like Black Horse, Exulant, Moonlight, and Sentinel Metals provide speculative exposure with exploration upside.

Sea Forest combines ESG and profit potential, a rare mix in this cycle.

Investors chasing growth, diversification, or just a stake in Australia’s next wave of industrial, tech, and sustainable companies will find plenty to consider.

With a mix of big raises, small-cap exploration, and climate-conscious plays, the ASX remains a hotbed for opportunity as 2025 draws to a close.