IPO - Kirkland Lake Gold Limited, page-21

Not sure but ASX would require a certain free float on ASX to create a market. In an ordinary IPO that comes about by creating new shares and offering them to the public (hence, Initial Public Offer, IPO) subject to a prospectus. These new shares are taken up before listing (underwritten by a broker or institution so shares not subscribed for are also included) and thus a market is created.

Here there appears to be no prospectus so no IPO but there must be a float of shares available or ASX would not agree to the listing.
My guess is that a large existing holder has transferred some of his shares to ASX, and perhaps other non insider holders have too. Also that no new shares have been created so no dilution.
Problem here is that with only one or a few initial holders, some of whom may be insiders subject to trading controls, that may not constitute a market, and ASX is required to ensure that there is.

I reckon ASX should tell us what's up.

If and when T/Os occur using KLA equity the company will issue new ASX shares and swap them for target's shares - that will increase float and liquidity on ASX.

Perhaps take care on listing date and later depending on number of shares available and listing price. Will there be a discount to start the ball rolling - I doubt it.
Anyway the best way into KLA could be via potential targets' listed shares which seem cheap right now. Otherwise wait till ASX price comes into line with other listings and buy the dips!!

Happy to be corrected - it would be nice to know. Thanks.