Pressure is growing for Australian authorities to loosen IPO rules after a collapse in the number of companies going public in the country, as well as the amounts raised. Still, there are signs of life with Virgin Australia recently announcing a A$685 million relisting that’s poised to be the country’s biggest IPO since late last year.
The Australian Securities Investment Commission will begin testing a more streamlined process for local initial public offerings to encourage more companies to list in the country.
The trial, which begins today (June 9), should shave a week off the IPO process — from about 20 weeks now — by having the corporate watchdog review documents earlier, ASIC said in a statement. Only companies that will have a market value of over A$100 million ($83.8 million) will be eligible to participate in the pilot.
