Initial public offerings are hard enough to get away at the best of times – let alone during a dead market. But spare a thought for second-time-lucky ASX aspirant Cuscal which is in the midst of sector-wide upheaval as the Albanese government hones in on debit card surcharges, adding an unwanted layer of regulatory overhang to its campaign.

This is the second time Cuscal, which is owned by Mastercard, Bendigo and Adelaide Bank and most of the big credit unions, has gone to public market investors. It kicked the can down the road a year ago after investors failed to meet its valuation expectations.