Dual listings and SME lessons: What Rokt’s bold IPO move means for Australian business owners
Sydney-founded, New York–based e-commerce firm Rokt is in talks with regulators about a potential dual IPO on Nasdaq and ASX under a single prospectus. If achieved, this would be a first in Australia and could change how founder-led companies approach raising capital globally.
While this may appear to be a large-cap market story, the implications for SME owners are significant. Preparing for an IPO is not so different from preparing for a business sale. Both require clear disclosure, disciplined governance, and a compelling value story that resonates with multiple audiences.
Why this matters now
The capital markets environment is shifting. MSA’s latest September 2025 update highlights that while M&A activity remains resilient across infrastructure, resources, technology, gaming and healthcare, private equity fundraising has slowed sharply, with many investors rotating into hedge funds and digital assets in search of liquidity and transparency. At the same time, public listings are regaining momentum. Virgin Australia’s $685 million IPO was oversubscribed, with its share price jumping on debut, showing that well-prepared companies can still attract strong investor appetite.
Whether you are preparing for succession, a sale, or growth capital, buyers and investors are demanding greater readiness, cleaner data, and stronger governance.
One prospectus, two markets: a complex precedent
The concept of one prospectus serving both Nasdaq and ASX raises questions about disclosure, investor protection, and regulatory oversight. If successful, it could provide a blueprint for other companies with global operations but Australian roots.
For private business owners, the parallel lies in ensuring consistency of narrative and disclosure. Whether presenting to an international acquirer, a private equity fund, or a local trade buyer, inconsistent or incomplete information erodes trust and value.
Capital is re-routing
As our August update notes, hedge funds have recorded their largest quarterly inflows in over 10 years, while digital assets are becoming mainstream in institutional portfolios. This reflects a search for liquidity, adaptability, and clearer visibility of returns: qualities private equity is struggling to provide.
Lessons for SMEs
Compliance as a value driver. Professional financials, governance, and reporting do not just satisfy regulators; they build confidence and improve price outcomes. Explore our article on how to wow buyers with well-organised business information.
Narrative matters. Just as Rokt must balance being a Wall Street tech play with an Australian growth story, SME owners must position their businesses as unique opportunities, not just another transaction. Read more in the power of tailored marketing.
Timing is strategic. Rokt is exploring its listing during a rebound in US IPO activity. Similarly, SME owners who are “exit ready” can move quickly when market windows open. Our guide on striving for a higher business value than expected explains why timing and preparation matter
How MSA helps SMEs prepare
MSA applies the EBITDA+ SIX STEPS TO SUCCESS™ to ensure businesses are prepared for buyer scrutiny and positioned for maximum value:
Strategic readiness: Align your plan with what today’s buyers and capital providers value most. Learn more in unlocking business potential with the right strategic plan.
Exit gap analysis: Identify the gap between current value and desired value, then build a roadmap to close it. See our guide on business gap analysis.
Information hygiene: Create clean, credible, and well-structured information that withstands due diligence. Explore the power of a comprehensive data room.
Operational resilience: Strengthen EBITDA quality, governance, and reduce risk exposures. Our piece on building a sellable business in today’s market covers this in detail.
Value storytelling: Position your business as a distinctive opportunity through targeted communication. See how to guide buyers and safeguard your business.
Execution discipline: Structure deals to withstand scrutiny and uncertainty. Read our insider’s guide to due diligence.
Practical takeaways for SME founders
Would your financial data and disclosures withstand scrutiny from more than one regulator?
Is your value story compelling for both domestic and international buyers?
Are you prepared to act if market conditions turn favourable?
Do you have the right advisory support to bridge gaps in strategy, compliance, and execution? See our expert negotiation tips
At Morgan Shaw Advisory, we help business owners become Game Ready. Whether you are planning for sale, succession, or growth capital, our EBITDA+ SIX STEPS TO SUCCESS™ ensures you are prepared for scrutiny and positioned to maximise outcomes.
Book a confidential consultation today or explore our latest insights at www.morganshawadvisory.com.