Street Talk

Don’t worry about Trump’s tariffs, IPOs are coming: Freehills

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 13, 2025 – 7.51pm

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Squinting hard to spot the next IPO on the horizon? Don’t worry, they’re still on their way, say lawyers at Herbert Smith Freehills.

The white-shoe law firm’s annual temperature check of equity capital markets says this year could top the $1.1 billion raised across big-ticket IPOs last year such as Mexican-themed restaurant chain Guzman y Gomez and HMC Capital’s Digico Infrastructure. That’s despite fund managers’ calendars being bereft of post-earnings roadshow invites from IPO candidates.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.