ASIC flags IPO ‘concerns’

The Australian Securities and Investments Commission (ASIC) has put directors, lead managers and corporate advisers of mining and exploration companies on notice of concerns regarding the multi-faceted role that lead managers and other promoters may play in the IPO process.

The mining and exploration industry represents over 25% of all ASX-listed entities. It accounted for more than 35% of all initial public offers (IPOs) during 2018 and, as at 1 August 2019, had a combined market capitalisation of over A$300 billion.

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