StepChange Holdings Ltd is counting down to a major milestone, with its initial public offering (IPO) set to close on Friday, June 27, 2025. The company is aiming to raise between A$14 million and A$15 million ahead of its Australian Securities Exchange (ASX) listing.
At a share price of A$0.20, the IPO implies a post-listing market capitalisation of A$31.3–A$32.3 million. Proceeds will fund the upfront vendor payment, working capital for expansion, and listing costs.
The Australian-based consultancy is poised to emerge as a leading independent provider of SAP enterprise resource planning (ERP) and digital transformation services, following the acquisition of StepChange Consultants Pty Ltd.
Once listed, the merged entity will operate under StepChange Holdings and boast a projected FY25 revenue of A$42.2 million and a compound annual growth rate of over 15% since FY22.
The company plans to list on the ASX by Thursday, July 10, subject to final approvals and settlement.
A specialist in transformation for Tier-1 clients
StepChange has carved out a niche supporting major enterprises—particularly in the energy and resources sectors—through complex ERP implementations and IT transformation projects.
Its client list includes several Tier-1 organisations and government entities, with long-tenured relationships evidencing service quality.
Broad capabilities across ERP and digital strategy
The firm offers a comprehensive suite of services grouped into four pillars:
- Technology and Innovation – delivering custom SAP solutions, integration, and data insights
- Leadership and Strategy – project planning, change management, and strategic deployment
- ERP and Applications – functional and technical SAP service delivery
- Sustainability Affairs Support – assisting clients with environmental, social, and governance (ESG) strategy.
StepChange’s primary strategic technology partner is SAP, the world’s leading ERP platform provider, whose ecosystem supports 84% of global commerce. The addressable market for SAP services in Australia alone is valued at A$5.9 billion in 2024.
StepChange positioned to ride structural digital tailwinds
StepChange is poised to benefit from a convergence of long-term structural trends reshaping the enterprise IT services landscape across Australia and New Zealand. These tailwinds include rapid digital transformation, growing demand for managed services, and widespread migration to cloud-based ERP solutions.
With artificial intelligence (AI) and advanced data analytics now viewed as key enablers of productivity and customer experience, businesses are increasingly seeking specialist support to adopt and embed these technologies. Research indicates that 80% of Australian businesses intend to deploy AI by 2030, with over 60% already prioritising automation as a core strategy.
As ERP systems grow more complex, many organisations are choosing to outsource solutions management to experienced providers such as StepChange, which can offer scalable capabilities and sector-specific insights. Managed service models are seen as both cost-effective and operationally agile, particularly when navigating digital change.
The cloud transition is another pivotal driver. With SAP planning to withdraw mainstream support for its legacy ECC platform, more than 500 organisations in Australia are expected to transition to SAP S/4HANA, its next-generation cloud ERP. StepChange is well-placed to facilitate this shift, drawing on two decades of project experience and a specialised team of more than 150 consultants.
These macro trends align with StepChange’s core service offering, reinforcing the company’s relevance and growth potential as enterprise IT strategies evolve.
Growth backed by long-term trends
The company is positioned to benefit from structural tailwinds such as cloud migration, automation, and artificial intelligence. With SAP set to terminate support for its legacy ECC platform, StepChange sees significant opportunity in transitioning Australian businesses to SAP S/4 HANA.
Management also intends to pursue inorganic growth through acquisitions, particularly within Australia’s fragmented SAP partner network.