The announcement of a capital raise brings out various emotions in investors. Sometimes there’s excitement that a company can make its vision a reality. For others, there’s frustration that existing shareholders are being diluted as their company is forced to rattle the tin to keep the doors open.

But to one group in the markets, capital raises are always a good thing – the advisory firms that raise capital for them.

Stockhead has been running the numbers on which rainmakers have been performing well this year.  As of May 7, $944 million has been raised across 154 deals in small cap land comprising of IPOs, placements and rights issues. This time last year $1.6 billion had been raised across 162 deals.

The top performers

In 2019 the biggest deal-maker flying out the traps by capital raised has been broker Bell Potter. As of May 7, it has captured nearly 20 per cent of the market raising $195m across 13 deals. This time last year it had only raised $135 million, so it is fair to say 2019 has been a very busy year for Bell Potter.

Most of Bell Potter’s deals were placements. Its biggest deal was a $51.6 million placement for Paradigm Biopharmaceuticals (ASX: PAR), which was complemented with a $26.3 million rights issue.

Its only IPO was the $13m listing of wireless internet provider Uniti Wireless (ASX: UWL).

Retail broker Morgans held the second highest market share with $102.5 million, representing 11 per cent of the market. Among Morgan’s notable deals was a $22 million placement for Dubber Corp (ASX: DUB) and a $31 million rights issue and placement for Otto Energy (ASX: OEL).

Third on the list was Macquarie Bank, despite only doing two deals – Readytech (ASX: RDY) and Amaysim (AYS), both raising $50 million.

The broker that did the most deals was Hartleys, comprising mostly of micro cap mining companies.

Patersons was another high-volume deal maker although it did run the $35 million IPO of biotech Next Science (ASX: NXS).

The deal that has shaken the ASX was buy now pay later stock Splitit (ASX: SPT). That offer was completed by corporate advisory firm Armada Capital.

Armada’s only other deal this year was a $7 million placement for Ausmex Mining Group (ASX: AMG).

The biggest decliner in market share, compared to last year, was Shaw & Partners, which raised $128 million in the small cap market last year and was one of the biggest dealmakers. This year it has only done one deal – a $4 million placement for Spirit Telecom (ASX: ST1).

Perhaps Shaw has been distracted by the recent 51 per cent sale of their business to Swiss private banking group EFG International.

Here is a table of all ASX small cap equity capital market rainmakers and their year to date performance

Swipe or scroll to reveal the full table. Click headings to sort.

FirmCapital raised Year to date ($M)DealsMarket Share (%)Market share Change from last year (%)
Bell Potter Securities Ltd192.2130.2024868460460.12411955312
Morgans102.5100.1084104121270.0371603522971
Macquarie75.620.07954317340670.0350403141616
Canaccord Genuity66.960.07055219099150.0410484579866
Patersons Securities Ltd53.3100.0565045445684-0.000785968121121
Hartleys Ltd50.3160.05337450912690.0172976132652
Argonaut Ltd39.450.04156938259550.0302366771853
Wilsons Corporate Finance Ltd34.120.03622545470190.01313257003
Euroz Securities31.820.0337788084795-0.0230462079121
Blue Ocean Equities Pty Ltd29.560.03115847320010.0197828174762
Petra Capital Pty Ltd27.930.0294653941434-0.0214230392968
Ashanti Capital Ltd23.530.02499822886280.0249982288628
Cenkos Securities21.810.02296733736940.0106093494819
PAC Partners Pty Ltd17.940.01899752503920.00498334559877
Bridge Street Capital Partners Pty Ltd16.740.01769058675620.0162680951851
Taylor Collison Ltd16.290.0171400461783-0.0125085522717
Armada Capital Ltd15.520.01646661494730.0164666149473
Citi15.310.01607756002790.0160775600279
Curran & Co14.420.0152162092950.015216209295
CPS Capital Group Pty Ltd10.770.01129600128730.00154069602527
Jett Capital Advisors LLC9.010.00955292516410.0095529251641
RM Capital Pty Ltd6.530.006860107719170.00136066185265
Peak Asset Management5.720.006067892446580.00513856137502
Everblu Capital Pty Ltd4.330.00459221971207-0.00031201006561
Shore Capital Group Ltd4.120.00431833870260.0043183387026
Barclay Wells Ltd4.010.004272197895330.00337169752813
Shaw & Partners Ltd3.910.00416101204163-0.0441989100514
Baker Young Ltd3.720.003929765245610.00255896599448
Foster Stockbroking Pty Ltd3.510.00370974162029-0.00140001284334
Aurenda Partners3.510.003656054875790.00365605487579
Azure Capital Pty Ltd3.310.003509805219530.00350980521953
Wentworth Global Capital Partners Pty Ltd3.310.003414345979840.00341434597984
Baillieu Holst Ltd2.610.002758093403170.00163493377358
Discovery Capital Partners2.610.00272763384470.0027276338447
708 Capital Pty Ltd2.510.002684810991890.000187935737668
Brandon Hill Capital Ltd2.510.002684810991890.00268481099189
Ironside Capital Group LLC2.510.002633474615930.00263347461593
Blackwood Capital Ltd2.310.00238638670381-0.00378047290574
Moelis & Co2.010.00213388915763-0.0175216542501
JP Equity Partners1.810.001948530780430.00194853078043
XEC Partners1.610.001686764720690.00133732244972
EAS Advisors LLC1.410.001497775602310.00149777560231
Chieftain Securities Pty Ltd1.310.00131926340808-0.00320627854608
Diamond Capital Partners Pty Ltd1.010.001088878133720.00108887813372
Empire Capital Partners Pty Ltd1.020.001067620294-0.00560691336611
WH Ireland Ltd110.001031383385590.00103138338559
Henslow Pty Ltd0.910.000976953935733-0.00300892717861
Lodge Partners0.910.0009769539357330.000976953935733
DJ Carmichael Pty Ltd0.710.000760838382172-0.00665058008831
Melbourne Capital Ltd0.710.0007578471950650.000757847195065
Alto Capital0.710.0007296446006540.000729644600654
LeMessurier Securities Pty Ltd0.710.0006943874236140.000694387423614
Thundering Herd Pty Ltd0.710.0006943874236140.000694387423614
Sanlam Private Wealth Pty Ltd0.610.000663788680473-0.00575757334697
GTT Ventures Pty Ltd0.510.000527343229487-0.00580295499355
Red Leaf Securities Pty Ltd0.510.000526660225383-0.00235083969458
Adelaide Equity Partners Ltd0.410.0003800904721190.000380090472119
Moore Stephens0.410.0003800904721190.000380090472119

 

Source: Bloomberg