ASX VWAP calculations from every trade, prepared to the Listing Rule 19.12 definition, delivered as a report within 24 hours
ASX Listing Rule 7.1A.3 requires securities issued under an eligible entity's additional 10% capacity to be issued for cash consideration per security of not less than 75% of the volume weighted average market price, measured over the 15 trading days on which trades in that class were recorded immediately before the date the issue price is agreed, or the issue date where the securities are not issued within 10 trading days of that date. Get the window or the excluded trade types wrong and the figure answers a different question.
Understanding VWAP requirements for issues under the additional placement capacity (Listing Rule 7.1A, Guidance Note 21) and for performance securities (Guidance Note 19)
"Volume weighted average price of trading in those securities on the ASX market and the Chi-X market over that period, excluding block trades, large portfolio trades, permitted trades during the pre-trading hours period, permitted trades during the post-trading hours period, out of hours trades and exchange traded option exercises."
Note: the market the rule calls Chi-X was later renamed Cboe Australia and, from 3 August 2026, the TMX market. Its operating rules direct that the old names be read interchangeably with TMX.
None of the six excluded categories is defined in the Listing Rules. Five take their meaning from an ASIC market integrity rules instrument; the sixth, exchange traded option exercises, is excluded without the definition pointing anywhere for its meaning.
Placements & Capital Raisings
Under Listing Rule 7.1A.3, securities issued under an eligible entity's additional 10% capacity must be issued for cash consideration per security of not less than 75% of the volume weighted average market price. The window is the 15 trading days on which trades in that class were recorded immediately before the date the issue price is agreed (or the issue date, where the securities are not issued within 10 trading days of that date), which is narrower than the last 15 trading days. For an issue under rule 7.1A, the Appendix 3B prompts the entity to send its ASX Listings Compliance adviser a completed work sheet, in the form of Annexure C to the guidance, stating the pricing date, the pricing period and the VWAP. The guidance then separately asks the entity to identify the source of its VWAP calculation (Guidance Note 21). Guidance Note 19 covers how ASX applies the Listing Rules to performance securities, where a milestone can be set off a VWAP.
Because the rule fixes the method but not the data source, recording the window, the venue basis and the exclusion policy is what makes the figure reproducible by someone else.
The rulebook's stated reason for the exclusions is that these trade types are not necessarily representative of market trading (Listing Rule 19.12)
Avoid these common mistakes that can lead to regulatory issues
Using wrong start/end dates or excluding relevant trading periods can significantly skew VWAP calculations.
Listing Rule 19.12 gives the volume weighted average price of trading on two markets, the ASX market and the Chi-X market (now the TMX market). A figure built from one market's trading alone is not the defined figure.
Flawed calculation logic such as not using tick level data and using daily data instead.
Leaving in any of the six trade types Listing Rule 19.12 excludes: block trades, large portfolio trades, permitted trades during the pre-trading hours period, permitted trades during the post-trading hours period, out of hours trades and exchange traded option exercises.
Inadequate documentation of data sources, methodology, and calculation steps.
Order a VWAP report and you get the figure with its window, its venue basis, its exclusion policy and the workings written down, so someone else can reproduce it.
An online VWAP calculator or a spreadsheet built from daily data will produce a number, but not the number the ASX Listing Rules define. The Listing Rule 19.12 definition works from every individual trade across both markets with six trade types excluded, and a daily summary has no individual trades left to identify or exclude. The two methods give different figures on the same days of trading, and the gap can move a placement floor by whole cents.
We run that calculation for you. Send the security and the date window, and we calculate the VWAP from every eligible trade and deliver a report with the figure, the formula, the data it ran on and the trades excluded, within 24 hours for $99.
The reference series on VWAP for ASX-listed companies: definitions, calculation, exclusions, and the rules that price off it.
VWAP: the volume-weighted average price of a security over a period. How it differs from a simple average and the close, and why ASX defines it.
Six trade types are excluded from an ASX VWAP under Listing Rule 19.12, none defined by ASX itself. What each category catches and how to spot it in data.
Six recurring VWAP errors: averaging daily figures, leaving in excluded trades, wrong windows, corporate actions inside the window, and unsourced figures.
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Calculated per the Listing Rule 19.12 VWAP definition
Every tick trade and calculation step documented
All input data and workings provided for verification
Suitable for corporate communications and regulatory submissions
• The VWAP figure, with total volume, total value and the daily averages behind it
• Trading period overview: period low and high, opening and closing price
• Calculation formula and the data parameters it was run on
• The six Listing Rule 19.12 exclusion categories applied
• The rules and guidance the calculation was prepared against
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Volume Weighted Average Price
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VWAP.com.au is operated by Riverstone Corporate Pty Ltd T/AS VWAP.com.au, an Australian company specialising in volume weighted average price calculations for ASX-listed entities.
We calculate VWAP on the Listing Rule 19.12 definition for ASX-listed companies and their advisers, for placements under the additional capacity in rule 7.1A, share purchase plans, performance securities and other situations where a VWAP sets a price or a hurdle.
Every report states the window, the markets included, the excluded trade types and the data behind the figure, so the number can be checked and reproduced. We do not give legal or financial advice, and the report does not certify compliance with any rule; that judgment stays with the entity and its advisers.
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