After a dreadful start to 2012, the initial public offering (IPO) market is showing small signs of life.
Some larger floats and potential listings of non-mining companies are surfacing, although the IPO market is still well down on previous years.
A subdued share market and lack of retail investor interest in small floats remain considerable obstacles for small companies trying to close their IPO.
The big hope is that larger IPOs emerge in the second quarter, which is traditionally a busier time for floats as companies launch offers after the interim profit-reporting period in February.
Newspaper reports suggest Melbourne-based loyalty rewards scheme Priority One Network Group is considering a listing, although most stock is expected to be sold to sophisticated investors before the float.
Genworth Financial's Australian unit, a much larger potential IPO, is tipped for the second quarter.
Gas Explorer Armour Energy is expected to list in April with a $150-million capitalisation.
Twenty-five companies have applied for admission to the official Australian Securities Exchange (ASX) list.
The most notable is Cuesta Coal, an emerging coal explorer that wants to raise $34 million.
Coal floats have been a rare IPO brightspot in the past three years, with stocks such as Stanmore Coal, Carabella Resources, Guildford Coal and International Coal rewarding early investors, although many emerging coal stocks are well off their 52-week share price highs.
Cuesta has a 56.3-million-tonne resource that complies with the Joint Ore Reserves Committee Code across three projects in Queensland coal basins, and a cornerstone Chinese investor, Beijing Guoli Energy Investment Company.
It wanted to float last year, but poor market conditions caused its listing plans to be deferred. Cuesta's offer closes on 29 March.
Another prominent IPO is United States-based life sciences company Osprey Medical, which hopes to raise $20 million.
Its flagship device treats contrast-induced nephropathy (CIN), a form of kidney injury caused by X-ray visible dye that cardiologists inject during heart procedures, such as angioplasty and stenting.
The dye is toxic in some kidneys and can cause severe damage.
Osprey says about 25 per cent of all patients undergoing common heart procedures are at risk of acquiring CIN because of a pre-existing kidney disease.
Its lead product captures a large amount of dye before it circulates to the kidneys and has already been approved for sale in Europe.
Osprey is one of several US-based medical-device makers that have listed in Australia in recent years.
Others, such as Reva Medical, GI Dynamics and Bioniche Life Sciences, are trading below their issue prices. More IPOs of US-based medical-device makers are likely on the ASX this year as difficult US markets for emerging life sciences companies force more to look overseas for funding.
Among other IPOs, Kalgoorlie-based Goldfields Credit Union is demutualising and raising $9 million through an ASX listing. Asian pay-TV and gaming company China Integrated Media Corporation and Kingform Health Hometextile Group, a Chinese textiles manufacturer, should list in coming weeks.
Exploration floats still dominate the IPO market by volume.
Some of these IPOs have struggled to secure their minimum subscription or attract enough investors to meet ASX listing rules this year, as interest in speculative stocks and exploration IPOs wanes.
Crest Minerals has had a reasonable response to its $5-million IPO to develop gold projects near Kalgoorlie.
But several other exploration IPOs are still unable to notify their listing dates, which is often a sign they are struggling to close the offer.
