The staggering 98% drop comes amid a slow start for ASX capital markets in fiscal 2023; only $295 million in seed funding was raised, compared to $6.9 billion at the same time last year.
That represents a 96% drop for seed capital, which consists of funds raised through IPOs and new ASX listings.
Secondary markets are healthy, however, with $14.8 billion raised so far in FY23, up 31%.
Secondary capital is money raised through the buying and selling of shares in the open market.
That brings the total amount raised in the first two months of FY23 to $15.1 billion, down 17% from a year earlier.
In August, only four new companies were admitted to the list, 17 of which were delisted.
Market cash value for August was $131.4 billion, down 7% year-over-year, while total market cash value was $151.4 billion, also down 7%.