Chemicals distributor Redox’s $1.3 billion initial public offering on Monday was the first ASX listing north of $100 million in more than a year, leaving bankers hopeful the deal will coax more floats from Australia’s capital markets pipeline.

The founding family members, who remain majority shareholders, touted Redox’s profitability, its debt-free balance sheet and an overseas expansion story to raise $402 million. Redox shares closed 5 per cent below their $2.55 offer price, providing a timely reminder of the volatile nature of equity markets, and that the window to go public is not open to any candidate.