Petra Capital ranks #2 in Refinitiv Equity Raising Rankings for 2022 March Quarter
* indicates a tie
Source: 2022 March Quater – Refinitive Equity Raising Rankings
AFR: ECM dealmaking down 58pc in March quarter; Canaccord in top spot
Everyone knows it’s been a slow start for ECM dealmaking in 2022, with markets jittery on rates and Russia allowing only a few chunky raises.
But now data provider Refinitiv’s put firm numbers around it after adding up all Australian ECM deals this year to March 31.
It found book runners worked on $3.7 billion worth of equity and equity-related deals in the first quarter across 197 issues, down 58 per cent (in dollar terms) from this time last year.
That’s also 83 per cent lower than the December quarter, which included a monster $6.3 billion placement from CSL to buy Swiss Vifor Pharma.
With few $100 million plus equity raises to go around, the big banks were missing in action and smaller brokers took most of the market share in the first quarter.
Canaccord Genuity topped the bookrunner league tables for March, followed by Petra Capital and Bank of America Securities.
Canaccord raised $520 million across 27 issues including a solo role on Westgold Resources’ $100 million raise and a joint role with Aitken Murray on Boss Energy’s $120 million raise. It’s also got uranium play Paladin Energy’s $200 million raise on the boil with Shaws, which wasn’t included in Refinitiv’s numbers.
Petra Capital raised $435 million for eight deals, scoring sole bookrunner roles at Tietto Minerals’ $100 million placement (which ended up taking $30 million in overs) and Stanmore Resources’ $283 million cash call to fund its purchase of BHP Mitsui Coal assets.
Among the big investment banks, Bank of America was the most active, raising $364 million for three companies including Zip Co’s $149 million raise to buy Sezzle, $317 million for Nickel Mines and $250 million for Syrah Resources.
The top three were followed by Bell Financial Group ($262 million, 18 deals), Macquarie ($258 million, four deals), Shaw & Partners ($214 million, five deals), Euroz Hartleys ($187 million, 16 deals), Jefferies ($148 million, two deals) and Jarden ($144 million, two deals).
There was no sizeable convertibles deals in the quarter, and IPOs raised just $US63 million ($84 million) down from $US542 million ($724 million) in the March quarter last year.
Source: The Australian Financial Review