A positive start to the year for the stock market has done little to shore up confidence among ASX aspirants, with the IPO pipeline looking meagre over the coming weeks.

Just three IPOs are expected to list on the local share market during February, with each being a holdover listing that was postponed across recent months.

First up is South-East Queensland Exploration (ASX: SQX), with the copper and gold explorer pushing ahead with a $5 million float priced at $0.20 per share. That would correspond with a market cap on listing of $6.25 million, with the company flagship tenements being the Ollenburgs and Scrub Paddock Prospects, located in the Esk Basin in Queensland. 

If all goes to schedule, and the company lists by mid-February, SQX will commence preliminary fieldwork at Ollenburgs to identify potential drilling targets, while pushing ahead with drilling at Scrub Paddock.

Also inching towards a listing over the coming weeks is high-purity quartz explorer Greentech Minerals (ASX: GTM). After its IPO debut was pushed back on at least two occasions, the company is now looking at commencing life on the ASX on February 22. 

Greentech Minerals lays claim to approximately 650 square kilometres of land where it has undertaken some bulk sampling and assaying. Management has set out an 18-month timeline as a goal for the company to mine, process, and deliver high-purity quartz feedstock. GTM has already secured a preliminary offtake agreement with China Jiangsu Yangshan Silicon Materials Technology to supply a minimum of 5,000 tonnes of feedstock per year.

And the third IPO on the cards for February is Tiger Tasman Minerals (ASX: T1G). Unlike some of the other commodity floats that have made it to market in recent times, Tiger Tasman has a multi-commodity focus, which is spread across five projects. 

The minerals that T1G will search for are centred on the decarbonisation theme, with the Iron Skarn polymetallic project representing its headline asset. As part of the deal, the company will raise up to $8 million at $0.20 per share, giving it a maximum market cap of $12.5 million at the time of listing.

Upcoming ASX IPOs

SQX, South-East Queensland ExplorationCopper and gold explorer, $5M, Feb 15

GTM, Greentech MineralsHigh-purity quartz explorer, $7M, Feb 22

T1G, Tiger Tasman Minerals, Critical minerals explorer, $8M, Feb 24

PL3, Patagonia Lithium, Lithium exploration, $8M, TBA

*All dates are subject to change and should be treated as an indicative guide only

January ASX IPOs

In keeping with the quiet pipeline, January IPO cohort showed no signs of offering the sort of stellar returns we once used to see on a regular basis among new listings.

In fact, every IPO that debuted throughout the month saw a negligible return on the first day of trade, with returns ranging between -5% and 5%.

Across the month, things were hardly any better, with Gold Hydrogen (ASX: GHY) the only name to buck the trend and deliver a double-digit return for the month, gaining 16%. That came despite the hydrogen explorer releasing no price-sensitive news since listing on the ASX.CodeCompanyFocusOpening DayMonth#DYMDynamic Metals Aerospace grade metals supplier

VHM, VHM, Rare earths explorer

HTM, High-Tech Metals, Cobalt explorer

ACE, Acusensus, Advanced imaging and AI-enabled solutions

GHY, Gold Hydrogen, Hydrogen exploration

ADC, ACDC MetalsHeavy mineral sands explorer

#Monthly results are for the period from listing until the close of trade, January 30, 2023