ASIC to allow pre‑prospectus IPO advertising as private markets expand

Panelists at the 4th Annual ASEAN Forum in Brunei highlighted that the line between public and private assets is blurring. Companies are staying private longer, and institutional investors are evaluating opportunities across equity, credit and alternatives rather than following traditional asset‑allocation rules. Private markets, estimated at about US$18 trillion globally, are seeing growing demand for private credit, real‑estate credit, infrastructure and secondary investments.

In Australia, the Securities and Investments Commission (ASIC) announced a proposal to let companies advertise share offers before filing a prospectus, aiming to make initial public offerings more accessible. The move comes as the number of firms listed on the ASX has fallen from 2,073 in 2014 to 1,989 in 2024, raising concerns about reduced public‑market participation and investor transparency.