ASX IPO: What you can and cannot share on your investor website

• As you head for your IPO, check the ASX guidelines regarding what can and cannot be contained on your investor website.
• Particulars to be available on your website involve your company information, prospectus, and related ASX announcements.
• Those to be avoided on your site include forward-looking statements, selective disclosures and promotional contents.

 

When your company is preparing to list on the Australian Securities Exchange (ASX) through an initial public offering (IPO), there are specific guidelines and regulations regarding what can and cannot be included on your investor website.

These rules are in place to ensure that all potential investors have access to the same information and that no misleading or deceptive statements are made that could influence investment decisions. The goal is to create a fair and transparent IPO process, protect investors, and maintain market integrity.

WHAT’S ALLOWED ON YOUR INVESTOR WEBSITE

1. General information

• Company overview - Background about your organisation, its history, mission, and vision.
• Business model - Description of your operation’s activities, industry, and how it generates revenue.
• Leadership team - Biographies of your key executives and board members, outlining their experience and role in your organisation.
• Corporate governance - Specifics on your governance practices, policies, and committees.

Why: These details provide essential context about your firm without making specific claims about your IPO or future performance.

2. Regulatory filings and prospectus

• Prospectus - A downloadable or viewable version of your official IPO prospectus filed with the Australian Securities and Investments Commission (ASIC) and ASX.
• ASX announcements - Any formal ASX announcements related to your IPO.

Why: Your prospectus is a regulated document that contains all material data necessary for investors to make an informed decision. It is reviewed by ASIC to ensure compliance with the law.

Ensure the IPO details on your website is in compliance with the ASX guidelines.

3. IPO process

• IPO timeline - Key dates related to your IPO, such as the offer period, listing date, and settlement dates.
• How to participate - Instructions on how potential investors can participate in your IPO, usually through brokers or your share registry.

Why: These particulars help potential investors understand your IPO process without making any forward-looking statements.

4. Risk disclosures

• Risk factors - A section dedicated to outlining the risks associated with investing in your IPO, as detailed in your prospectus.

Why: Disclosing risks is mandatory to ensure investors are aware of the potential downsides and challenges.

Make your company info and prospectus available on your website.

WHAT’S NOT ALLOWED ON YOUR INVESTOR WEBSITE

1. Forward-looking statements

• Projections of future performance - Any financial forecasts, earnings projections, or statements suggesting future stock price performance.
• Unverified claims - Statements that imply guaranteed returns or benefits from investing in your IPO.

Why: These can be considered misleading and speculative, which is prohibited under ASIC and ASX regulations. Forward-looking statements must be adequately qualified and typically only appear in your prospectus.

2. Selective disclosures

• Unpublished information - Any information not included in your prospectus or other public filings.
• Non-public material information - Providing selective information to certain investors that is not available to the general public.

Why: Selective disclosures is illegal as it gives some investors an unfair advantage and can distort the market.

3. Promotional contents

• Overly optimistic language - Marketing-style contents that are overly positive about your company’s future prospects or the success of your IPO.
• Testimonials or endorsements - Any third-party endorsements or testimonials that are not independently verified or part of your official prospectus.

Why: Such contents can create unrealistic expectations and is considered misleading. The focus must be on factual, verifiable information.

4. Speculative media coverage

• Unverified media reports - Sharing or referencing speculative media reports that predict the success of your IPO or future stock performance.

Why: Sharing unverified media coverage can spread misinformation and lead to investor confusion.

Include the IPO process and risk disclosures on your website.

Get your investor website IPO-ready

Set up your investor website for your IPO with experts that ASX-listed companies trust. We know the IPO process and have supported many businesses who are now successfully listed.

We can also help send your news fast to investors through our IRM Newsroom news delivery tool. Ring us today on +61 2 8705 5444 or email clientrelations@irmau.com to get started.

Related blog posts:
IPO Roadmap: Navigating the process with great investor communications
Make your investor communications IPO ready
IPO prospectus: 3 tips for better investor engagement