Pre-IPO advertising has just become far more flexible in Australia. On 12 November 2026, ASIC extended its existing relief from the Corporations Act’s advertising restrictions. Companies planning an initial public offering can now talk to retail investors about an upcoming float before their prospectus is lodged.
What has changed for pre-IPO advertising
The change comes through ASIC Corporations (Pre-Prospectus Advertising and Publicity) Instrument 2026/807. Until now, the broader pre-lodgement exceptions mainly covered offers of quoted securities. Companies heading for an IPO could publish little more than a narrow set of basic factual statements. The pre-IPO advertising relief now extends to unquoted securities, including IPOs. It puts into effect the proposals ASIC consulted on in Consultation Paper 390 (CP 390), released in August 2026.
Who is affected
Companies preparing to list on Australian public markets, and the retail investors who may come across their advertising before a prospectus is available.
What pre-IPO advertising must include
Any advertisement or publicity issued before lodgement must:
- identify the issuer and, where relevant, the seller;
- state where and when the prospectus will be available once the securities are offered;
- direct investors to consider the prospectus before deciding whether to invest; and
- make clear that anyone acquiring the securities will need to complete the application form in, or accompanying, the disclosure document.
Offerors must also have adequate arrangements in place to keep this information up to date.
Investor protections still apply
The new freedom comes with strings attached. “Greater advertising flexibility does not mean fewer responsibilities,” said ASIC Commissioner Simone Constant. She also made clear that the laws prohibiting misleading or deceptive conduct remain unchanged. ASIC has updated Regulatory Guide 254 (RG 254), Offering securities under a disclosure document, to reflect the new regime.
Read more: ASIC raises minimum capital requirements for fund managers from July 2027
General information only, not legal advice. Check the official source before acting.
Source: ASIC. Licence: CC BY 4.0.
