Australian market regulators are in discussions with multi-billion dollar software company Rokt regarding a potential dual listing on both the ASX and Nasdaq. This innovative proposal aims to attract more foreign companies to the Australian sharemarket. Rokt, co-founded in Australia in 2012, is a software company that offers tailored deals to online shoppers based on their purchasing history. Headquartered in New York, the company’s potential dual IPO could allow shares to trade in both markets from the initial listing date.
Sources indicate that both the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX) are receptive to the idea. Rokt is consulting with investment bankers and lawyers to ensure compliance with both Australian and US regulations. Preliminary discussions have also taken place with existing investors to gauge their perspectives on this unique dual-IPO structure. Valued at $7.2 billion, Rokt’s dual listing could attract a broader investor base and allow existing shareholders to choose their preferred market.
The move comes as ASIC and the ASX are actively seeking ways to revitalise the Australian public market and reverse a decline in listed companies. A successful dual listing by Rokt could pave the way for other large unlisted companies, both Australian and foreign, to access both markets from their IPO date. Design software company Canva has been cited as a potential candidate for a dual listing, given its strong Australian roots and substantial valuation.
Martin Hickson, a portfolio manager at 1851 Capital, commented that a dual listing could bring more companies to the ASX, benefiting investors. He noted that established dual-listed companies like Life360 and ResMed have demonstrated the viability of this approach. Rokt stands as the third-highest valued private technology company on Australian venture capital investors’ books, behind Canva and Airwallex.
