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The number of companies going public in Australia is at its lowest since the global financial crisis 15 years ago, leaving a Mexican fast-food chain as the biggest listing in a market once buzzing with new mining and energy stocks.

The 12 initial public offerings so far in 2024 on the Australian stock exchange have raised just $371mn, according to data provided by LSEG, the lowest year-to-date levels since 2009 and little more than a quarter of the historic average since the turn of the century.

The dearth is being partly blamed on Australia’s uncertain economic outlook. Growth has faltered and interest rates have been kept high to tackle stubborn inflation.

Also to blame is voracious competition from private capital for assets, exemplified by the A$24bn (US$16bn) takeover of former IPO candidate AirTrunk by Blackstone this month.

Larger companies have paused potential floats hoping for more stable conditions, said Marcus Ohm, a partner at HLB Mann Judd, which compiles an annual report on Australia’s new listings market. “There’s no certainty” on valuation, he said, adding: “It’s a cyclical market and it’s been a bit of a ‘wait and see’ mentality.”

The only listing of significant size this year has been of burrito chain Guzman y Gomez, which raised A$335mn at a valuation of A$2.2bn in June. The chain was founded by New Yorkers Steven Marks, who previously worked at Steve Cohen’s hedge fund SAC Capital, and his childhood friend Robert Hazan, who spied an opportunity to build a Mexican-themed fast-food chain in Australia in 2006.

The market capitalisation of the company, which also operates in Japan and the US, has rapidly risen to A$4bn as investors have bought into its growth plans. That has encouraged some other companies to dust off their listings plans.

A more esoteric IPO is expected from Western Australia’s Good Earth Dairy, which wants to turn wild camels’ milk into ice cream and baby formula. Having called off listings in 2020 and 2022, it has started talks with potential cornerstone investors, hoping to raise A$20mn.

Milk from Australia’s 1mn feral camels has fewer allergens than other dairy products and could be used in exports to China and the Middle East, according to chief executive Marcel Steingiesser.

Yet ASX, the stock exchange operator, needs a bigger pipeline of larger companies to follow in Guzman y Gomez’s wake.

The lack of IPOs comes despite a surge in Australian equity markets, with the ASX benchmark index hitting record highs this week.

It is also at odds with the huge demand for investable assets from institutions including Australia’s A$4tn pension fund sector. Aware Super, the country’s third-largest pension fund, acted as a cornerstone investor for Guzman y Gomez.

James Posnett, general manager of listings at ASX, said demand from institutional investors was “the loudest it has been” in his 12 years with the exchange.

The ASX also pointed to a string of capital raising by listed companies as a testament to the strength of investor appetite. NextDC, a data centre rival to AirTrunk, has raised A$2.7bn in the past 18 months by issuing new shares. “There’s a lot of money looking for a home,” Posnett said.

A slump in prices of commodities including lithium has stemmed the usual steady flow of small-cap mining listings, although CleanTech Lithium — which operates in Chile and is already listed on London’s junior AIM market — is to raise up to A$20mn with a secondary listing in the coming weeks.

Rob Jahrling, head of equity capital markets at Citigroup in Sydney, said institutional and retail investors were keen for the IPO market to reopen after a number of large listed Australian companies — such as technology company Altium — were taken over and delisted in recent years. “There’s not enough listings to redeploy that capital,” he said. “The universe has shrunk.”

Significant activity is not tipped to pick up until later in the year or early 2025, when the bigger listings are most likely to be by companies that have halted floats in recent years due to market conditions.

They include payments company Cuscal, which is partly owned by Mastercard, and airline Virgin Australia, owned by Bain Capital, have both been tipped to revive stalled IPO plans before the end of the year by investment bankers. 

Karen Chan, a fund manager at Perennial Private Investors, said Guzman y Gomez’s strong performance had “piqued the interest” of shareholders looking for brands with global potential. “The IPO option is now on the table,” she said. “There is demand for high-quality companies.”

Jahrling also said the success of Guzman y Gomez provided “a blueprint and confidence” for other companies. But he added that competition from venture capital, infrastructure funds and pension funds to invest in high-growth companies could yet intensify, as was the case with AirTrunk. “I don’t think that [competition] is going away,” he said.

IF you pay close attention to your change, you might spot an animal on your King Charles III 50p that could make it worth more than £40.

Coins with a distinctive design could be worth a small fortune because very few make it into circulation.

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For this reason, they are very attractive to collectors who are sometimes willing to pay large sums in exchange for one.

One of the most current sought-after coins is the King Charles III Atlantic Salmon 50p, which first entered circulation on November 2023.

The coin was one of eight new special varieties released by the Royal Mint, reflecting the King’s passion for conservation and the natural world.

Despite an estimated 500,000 Salmon 50ps entering circulation in, collectors have been finding them hard to come by, according to ChangeChecker.

The coin is marked with an engraving of salmon fish jumping out of Atlantic ocean water.

It has become much harder to find in change, and prices on online marketplaces such as eBay and Amazon have continued to rise.

Copes Coins previously told The Sun that Atlantic Salmon 50p could become “one of the rarest coins to enter circulation in the last 15 years”.

You can make money from these rare coins by selling them at auction, either online or in person, or through a dealer.

The Sun found that one of these coins recently sold on eBay for £41 on September 22 with 13 bids.

Another sold for £25 on September 20 with 18 bids.

On September 11, one of these coins sold for £28 with nine bids.

The price of a coin varies based on things like demand at the time and how common it is.

It’s important to remember that you aren’t guaranteed to fetch huge amounts if you do choose to sell your change.

Sometimes you’ll get better individual prices if another enthusiast needs your coin to complete their collection.

Anyone can list a coin on eBay and charge whatever amount they wish, but it’s only ever worth what someone is willing to pay.

By checking the recently sold items you will get a more accurate indication of what people are willing to pay for a specific coin.

How to sell a rare coin

If, after checking, you realise you’ve come across a rare coin, there’s a number of ways you can sell it.

You can sell it on eBay, through Facebook, or in an auction.

But be wary of the risks.

For example, there are a number of scams targeting sellers on Facebook.

Crooks will say they’re planning to buy the item and ask for money upfront for a courier they’ll be sending around.

But it’s all a ruse to get you to send free cash to them – and they never have any intention of picking your item up.

It’s always best to meet in person when buying or selling on Facebook Marketplace.

Ensure it’s a public meeting spot that’s in a well-lit area.

Avoid payment links and log in directly through the payment method’s website.

Most sellers prefer to deal with cash directly when meeting to ensure it’s legitimate.

The safest way to sell a rare coin is more than likely at auction.

You can organise this with The Royal Mint’s Collectors Service. It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service, though – the cost varies depending on the size of your collection.

Meanwhile, you can sell rare coins on eBay.

But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made – this includes postage and packaging.

The design of the coin, its condition and whether or not the coin is in circulation also affects how much it could be worth.

You can easily figure out how rare a coin is, by checking its mintage figures.

This relates to how many coins were produced by The Royal Mint.

If a coin has a low mintage, it means there are fewer of them in circulation and is therefore rarer and it could potentially be worth more than its face value.

But remember a coin is only ever worth what someone is willing to pay at the time.

Either way, you’ll want to keep an eye out for some in particular which can sell for big numbers.

A rare Blue Peter Olympic 50p has been flogged on eBay for £205 in the past.

The coin shows an athlete doing the high jump and was drawn by nine-year-old Florence Jackson after winning a competition on the kid’s TV show.

Plus, one seller managed to pocket a whopping £63,000 flogging his Battle of Hasting’s 50p too.

So-called ‘error coins’ tend to be worth a lot too, because there’s rarely more than a few thousand of them in circulation.

One 50p that was mistakenly struck twice sold for as much as £510 on eBay because it was rare.

It’s not only 50ps either – a rare error 10p coin sold for over 1,000 times more than its face value on eBay in the past.

Likewise, there are several rare £2 coins in circulation which could be worth just under £50.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

A COUPLE who spent the night in a derelict shack with no plumbing were forced to drink water from a local river to survive.

But the duo were treated to lush views of the Welsh countryside during their overnight stay at Grwyne Fawr.

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“For this year 2023 I’ve decided to challenge myself and stay in every bothy in Wales this summer,” adventurer Heitor Visuals wrote on the video’s caption.

“And how better way to start than by spending the night at the smallest bothy in the UK – Grwyne Fawr.”

After walking through rural woodland and across rolling hills, the hikers arrived at the mould-infested shack.

The cramped two-storey space is stocked with some necessities – including tinned meals, tools, loo roll and a stove for cooking meals.

A bothy is a basic shelter, usually left unlocked and available for anyone to use free of charge.

The majority of bothies are repurposed structures with histories of offering respite in isolated locations: crofters’ homes, shepherds’ huts, remote farmsteads.

Located at the bottom of a deep ravine, Grwyne Fawr is easy to overlook.

And getting to the building from the main path while wearing a heavy pack takes careful footwork.

As darkness descended, the couple fired up the stove to cook their respective dinners – a hearty bowl of penne pasta with cheese sauce and Uncle Ben’s Mexican Style rice with a tin of chilli con carne slopped on top.

They also sourced water from the bone-chilling river located next to Grwyne Fawr.

The following morning, the two tucked into an all-day breakfast sachet washed down with a piping hot cup of tea before heading home.

SANDS NICE

Meanwhile, Brits can still enjoy a summer staycation, with many beach huts now having kitchens and bathrooms inside.

But some even let you stay overnight – with beds squeezed inside too.

Similar to glamping, many huts have been kitted out with everything you might need for an overnight stay.

And some cost as little as £49 a day – compared to the average price of buying a beach hut of around £123k.

For example, Beach Hut 409 on Mudeford Split is right on the beach, with four beds inside.

This is along with a kitchen, complete with fridge and cooker, as well as outdoor shower and portaloo.

Or there is Sea Angel Vintage Beach Chalet in Cornwall, which sleeps four as well thanks to a double bed and bunk bed.

Previous guests even said there was a “bottle of bubbly and chocolates waiting for them” on arrival.

The cheapest option is staying at Branksome Chine in Dorset, which costs less than £50 a night.

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One could be forgiven for thinking that the EU’s clean car rules have been dropped on carmakers at the last minute (“EU carmakers seek review of emissions law”, Report, September 20).

But the European car industry has had since 2019 to plan for next year’s emissions target, and manufacturers have numerous pathways to comply without paying fines. These include not just selling more battery electric vehicles but also hybrids. The still very profitable European carmakers may need to sell fewer big polluting SUVs, but then that is the aim of the emissions regulation.

As for the industry’s demand that the 2035 zero-emission car target be reviewed in 2025, this would be too early to take into account the impact of current developments in the EU cars market. Carmakers are just now introducing a lot of affordable EV models for 2025, so let us first see how they perform in the market. We forecast this will lead to a surge in electric vehicle sales next year.

A proper assessment before changing such a transformative law takes time. So, a full legislative proposal next year is not possible without cutting corners, which should not be acceptable.

Julia Poliscanova
Senior Director, Vehicles & Emobility Supply Chains
Transport & Environment, Brussels, Belgium

HUNDREDS of parents are fuming after a technical error at TSB Bank has left them unable to access their child benefit payment and other cash.

Upset mums and dads took to social media this morning to raise their concerns, with one sharing how she is now unable to give her son cash for a school trip.

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Another said she had a lot of bills due out of her account this morning and has now been left with “mega anxiety” over the issue.

While a third said: “You have ruined my entire holiday. I will take this up when I return. This is absolutely unacceptable.”

A fourth added: “Not been paid, my son’s birthday is tomorrow and my bills are due this is a nightmare bank.”

The high street lender, which has over five million customers in the UK, apologised to customers and said it was working to “fix the issue”.

Around 307 customers logged complaints on Downdetector with 70% of those complaints relating to issues about transferring funds.

TSB spokesperson told The Sun: “We’re aware of an issue with some BACS payments not yet showing on customers’ accounts.

“We are working on fixing this and will provide an update as soon as possible.”

It comes as parents are dealing with extra costs as their children return to school following the summer break.

Child Benefit is usually paid every four weeks on either a Monday or Tuesday by HMRC.

The benefit is worth £25.60 a week for your eldest child, and then £16.95 a week for any subsequent children.

For a family with two children who qualify, this adds up to £2,212.60 a year. For just one child, you get £1,331.20 a year.

HMRC has told claimants on X, formally known as Twitter, that if they have not yet received their monthly payment to contact their bank first.

They added: “We are aware of this and understand this relates to issues certain banking providers are experiencing.”

Back in June, customers faced a similar issue when the tax office flagged an issue with the system that sends the cash directly to bank accounts.

It is important to note that this issue is related to TSB and not HMRC, so any issues relating to a delayed payment should go to the bank.

However, it is not just parents and guardians impacted by the issue with hundreds of other customers also not seeing cash land in their accounts.

Over a million of its customers use online banking with the service becoming increasingly popular as high street banks cut down on the number of physical branches they operate.

TSB is set to close 36 banks over the coming months, leading to the loss of hundreds of jobs.

The first of the 36 sites closed on September 3, when branches in Bedworth, Banff and Stornoway shut their doors for good.

The closures will continue through to May next year.

Can I claim compensation for an outage?

As this is an issue with TSB and not HMRC you must log an issue with the bank.

Banks aren’t obliged to pay compensation to customers if there’s been an outage or if they’ve experienced technical issues.

But you might be entitled to some money back depending on how much the disruption affected you.

You’ll have to present evidence of how the outage negatively impacted you, including any extra costs incurred through late payment fees for instance.

You should make a note of when you were unable to access the services and the names of the people you spoke to at the bank that suffered the outage.

You can find more details about how to complain to TSB on its website.

If your bank doesn’t resolve your complaint, you can take your case to the Financial Ombudsman Service.

It is an independent body which will resolve any issues based on what it thinks is “fair and reasonable” depending on the circumstances of the case.

The service can resolve your issue over the phone, by email or post depending on what best suits you.

In the case of an IT system outage at a bank, the FOS says any compensation you may receive will be dependent on your circumstances and whether you lost any money as a result.

If it finds the bank was at fault, you may see any fees, charges or fines reimbursed.

Emma Dunkley’s article on Barclays’ research revealing the excessive cash holdings of many Britons highlights a significant issue for potential investors (“Britons have at least £430bn in excess savings”, Report, September 14). I fully agree that more of this cash should be working for them in the stock market.

Investors suited to moderate risk portfolios forgo annual returns of 4-5 per cent over the long term by leaving their wealth in cash. Those who leave half their assets uninvested, on average, miss out on gains of 2-2.5 per cent of total wealth annually.

Over time, the effect of compounding magnifies these lost returns, significantly diminishing overall wealth. What may seem like a comfortable decision today can easily become one of the costliest decisions they make each year.

At Oxford Risk, we are developing technology, including behavioural nudges and interventions, to help investors avoid this pitfall. These interventions are most effective when tailored to an individual’s personality, preferences and circumstances. Modern advances in machine learning, data science and digital technology now make it possible to deliver behavioural engagement at scale. While these tools can work effectively in isolation, they achieve the best results as part of a co-ordinated system. The wealth management industry must prioritise delivering “behavioural alpha”, guiding clients away from costly emotional and behavioural mistakes. Helping investors overcome biases and fear, and ultimately make better decisions, can increase assets under management, improve returns and deliver value to clients — and without needing to beat the market.

Greg B Davies
Head of Behavioural Finance, Oxford Risk
London SW12, UK