A Standout IPO that Secured an Award Win

Cuscal was celebrated as the Best IPO Listing, at the Adam Smith Awards Asia 2025 black-tie dinner on 10 November 2025. Last week Treasury Today Asia published their take on our winning solution.

Navigating a Highly Regulated and Complex IPO Process

Cuscal faced a wide array of challenges inherent in taking a regulated financial services provider to market. These included:

• Delivering enhanced financial reporting frameworks
• Managing intricate governance processes
• Aligning pre IPO shareholders for a secondary selldown
• Securing approval from the Australian Prudential Regulation Authority (APRA)
• Developing a comprehensive prospectus
• Effectively communicating a nuanced and complex, business model to the market

Best Practice and Innovation: What Set Cuscal Apart

Treasury Today Asia highlighted three aspects of Cuscal’s IPO execution that contributed to its Best IPO Listing award win:

1. Disciplined, Collaborative Preparation – Cuscal maintained a structured yet agile preparation process, underpinned by real-time scenario planning and capital allocation modelling. time scenario planning and capital allocation modelling.
2. Innovative Three Tier Offer Structure – The IPO featured institutional, broker firm, and employee/director priority allocations, ensuring broad participation and guaranteed access for internal stakeholders.
3. Strong Risk and Governance Framework – A disciplined approach to risk management and investor communication facilitated a smooth process in a complex and highly scrutinised environment.

Read the Case Study originally published on Treasury Today’s website for more information.

References
Treasury Today, ‘Cuscal IPO raises AU$337m on ASX’, Treasury Today website, article, Feb 2026, accessed 5 February 2026, <https://treasurytoday.com/asa-asia-winners-2025/cuscal-ipo-raises-au337m-on-asx/>

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