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:
- 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.
- 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.
- 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/>
Important Information: Information in this article is current as at 11 February 2026 and is subject to change. The article and case study contains material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. This web copy and video are not to be distributed to any other party without Cuscal’s prior written consent. Cuscal Limited ABN 95 087 822 455.
