ASX IPOs: May delivers four new listings, June set for six more
Four new names hit the ASX in May, taking 2026 listings to 16, and June is shaping up as the busiest month yet, with six more.
Source: iStock
Mentioned
KEY POINTS
- Four companies debuted on the ASX in May (SkinKandy, KTEK Aerosystems, Kaoko Metals and Li-FT Power), taking 2026 listings to 16. That's well ahead of the same point in 2025 (5), 2024 (10) and 2023 (12)
- IPOs have averaged a 34.5% pop on debut and traded positive 80% of the time, but holding those gains has been harder. Strip out Bison, Kaoko and KTEK and the average drops to -11.8%
- June is shaping up as one of the busiest months of the year, with six listings poised to debut. The pipeline spans gold, uranium, defence tech, oil and gas, and a dual-listed South African gold miner
2026 has delivered a small handful of new listings to the market each month, and May continued the trend, with Li-FT Power, SkinKandy, KTEK Aerosystems and Kaoko Metals making their debut.
Sixteen companies have listed so far this year, far outpacing the same period in 2025 (5), 2024 (10) and 2023 (12) but well below the glory days of 2022 (49) and 2021 (41).
May listings at a glance
Ticker | Company | Listing date | IPO price | Debut | Last | Day 1 % | To date % |
|---|---|---|---|---|---|---|---|
LFT | Li-FT Power | 26/05/26 | ~ | 5.34 | $5.40 | ~ | ~ |
SK1 | SkinKandy | 21/05/26 | $2.20 | 2.35 | $2.25 | 6.8% | 2.3% |
KTK | KTEK Aerosystems | 18/05/26 | $0.20 | 0.405 | $0.32 | 102.5% | 60.0% |
KAO | Kaoko Metals | 7/05/26 | $0.20 | 0.36 | $0.46 | 80.0% | 130.0% |
Share price performance as at Friday, 29 May 2026
Li-FT Power (LFT): Acquired Winsome Resources in May, with Winsome shareholders receiving 0.107 new Li-FT CDIs. This deal brought in Winsome's tier-one Adina lithium project in Quebec's James Bay region, which alongside the adjacent Galinée property creates one of Canada's largest hard-rock lithium developments.
SkinKandy (SK1): Australia's largest specialty piercing and jewellery retailer, with 100+ studios across Australia and NZ. It debuted on the ASX in May 2026 after a ~A$160 million IPO, with plans to expand into the UK, US and beyond.
KTEK Aerosystems (KTK): An Israeli-founded, Perth-headquartered Tier-2 defence supplier making composite airframes and electromechanical assemblies for military and commercial drones (UAVs). It's a "picks-and-shovels" play, supplying parts to Tier-1 contractors like Elbit Systems.
Kaoko Metals (KAO): A copper explorer that listed on the ASX in May 2026 after a A$6.5 million IPO, targeting high-grade copper, silver and gold across two drill-ready projects in Namibia.
A closer look: SkinKandy
SkinKandy is one of the more interesting (and profitable) companies to debut in recent months. The company is an Australian body piercing and jewellery retailer, operating approximately 100 studios across Australia and New Zealand.
The top and bottom lines have been growing at a steady clip, with three-year CAGRs of 32% and 36% respectively.
FY23 | FY24 | FY25 | FY26F | |
|---|---|---|---|---|
Revenue (A$m) | 38.6 | 51.7 | 70.1 | 88.7 |
EBITDA (A$m) | 9.4 | 12.9 | 17.5 | 23.5 |
EBIT (A$m) | 5.0 | 7.5 | 9.9 | 13.4 |
Net profit after tax (A$m) | 3.4 | 4.8 | 6.4 | 8.6 |
Source: Prospectus
Here are some key takeaways from the prospectus:
Management view the ANZ piercing services market as highly fragmented, with over 1,000 independent salons, beauty operators and pharmacies
This presents an "opportunity for a scaled specialist operation with a consistent customer proposition and strong operational standards to grow share profitably"
SkinKandy's FY25 revenue was generated across three product/service types: Piercing services (52%), fashion jewellery (39%) and aftercare products (9%)
Growth priorities include a long-term network opportunity of 180–210 stores across ANZ, continued investment in online channels and entry into new international markets, including the US, UK and South Africa
Store payback periods were approximately 13.9 months in FY25
CEO Dain Friis is the former COO of Lovisa and played a key part in the brand's global expansion across the US, UK, South Africa and Asia
IPOs so far this year
IPOs have rallied an average 34.5% on debut and traded positive 80% of the time. The debut average drops to 20.9% if you exclude Bison Resources (which had an outsized 225% jump on day one).
However, new listings have struggled to hold on to initial gains, with the first nine stocks that debuted this year all trading in negative territory. While the average IPO is still up 13.3% to-date, this largely reflects strong gains from Bison Resources, Kaoko Metals and KTEK Aerosystems. Remove these three names and the average drops to (-11.8%).
Ticker | Company | Listing date | IPO price | Debut | Last | Day 1 % | To date % |
|---|---|---|---|---|---|---|---|
LFT | Li-FT Power | 26/05/26 | ~ | 5.34 | $5.40 | ~ | ~ |
SK1 | SkinKandy | 21/05/26 | $2.20 | 2.35 | $2.25 | 6.8% | 2.3% |
KTK | KTEK Aerosystems | 18/05/26 | $0.20 | 0.405 | $0.32 | 102.5% | 60.0% |
KAO | Kaoko Metals | 7/05/26 | $0.20 | 0.36 | $0.46 | 80.0% | 130.0% |
LGF | L1 Gold Fund | 24/04/26 | $2.00 | $2.03 | $2.00 | 1.5% | 0.0% |
SET | Solaris Australian Equity Income Plus | 17/04/26 | $2.00 | $2.09 | $2.16 | 4.5% | 8.0% |
BSR | Bison Resources | 16/04/26 | $0.20 | $0.65 | $0.50 | 225.0% | 150.0% |
49M | 49 Metals | 31/03/26 | $0.20 | $0.17 | $0.13 | -17.5% | -37.5% |
KOA | The Koala Company | 31/03/26 | $3.40 | $3.80 | $3.20 | 11.8% | -5.9% |
KIT | Kapstream Investment Trust | 30/03/26 | $2.00 | $1.95 | $1.94 | -2.5% | -3.0% |
VAL | Valiant Gold | 27/03/26 | $0.25 | $0.30 | $0.23 | 20.0% | -10.0% |
EGA | Eastern Gas Corporation | 26/02/26 | $0.20 | $0.22 | $0.16 | 10.0% | -20.0% |
MNE | Macallum New Energy | 25/02/26 | $0.20 | $0.24 | $0.15 | 17.5% | -25.0% |
MBG | MB Gold | 6/02/26 | $0.20 | $0.24 | $0.19 | 17.5% | -5.0% |
BAK | Barkly Rare Earths | 30/01/26 | $0.20 | $0.28 | $0.20 | 40.0% | 0.0% |
UM1 | Unity Metals | 12/01/26 | $0.20 | $0.20 | $0.11 | 0.0% | -45.0% |
Share price performance as at Friday, 29 May 2026
A busy June
June is on track to be one of the busiest months for new listings. Six companies are poised to debut, according to the ASX website.
Aventine Resources: A Perth-based gold-copper explorer with a pathway to acquire approximately 700km2 of tenure from Greatland Resources across WA's Paterson Province and East Pilbara, strategically located near the Telfer gold mine and Havieron gold-copper project
Boresight: A Canberra-based defence technology company developing low-cost aerial target drones to train militaries against drone threats, raising ~$8 million to expand manufacturing in Fyshwick and Huntsville, Alabama
Daly Resources: A Northern Territory explorer led by the Metal Hawk team, raising up to $12 million to chase fluorite, copper and base metal targets
Neu Horizon Uranium: A Martin Holland–led explorer raising up to $15 million to advance Tier 1 uranium projects in Saskatchewan's Athabasca Basin (80% earn-in from Fortune Bay Corp) and three shale- and shear-hosted projects in Sweden
Pan African Resources: An LSE and JSE dual-listed South African gold miner pursuing an ASX foreign exempt listing alongside its $219 million all-share acquisition of Emmerson Resources
Tetragon Energy: A Philippines-focused oil and gas explorer being spun out of Triangle Energy, with interests in offshore Sulu Sea permits (470 Bcf gas, 5 MMbbl condensate) and onshore SC-82 in the Cagayan Basin
