Everyone has a theory for why the ASX feels thin these days. The IPO entrance is blocked by an abundance of private capital and high valuations, leaving little impulse for founders such as Firmus to embrace the compliance and transparency required to go public.
The result is a listings pipeline running on fumes. Meanwhile, the exit door remains wedged open by Australia’s liberal takeover regime, complacent boards, passive owners and a transaction industry’s favoured deal structure: the scheme of arrangement.
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