ASX rainmakers more than double their raisings in 2020 to $27bn
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2020 has been a busy year for ASX-focused rainmakers.
So far this year they have raised $27.78bn, according to Bloomberg, more than double the $12.98bn raised by this time last year.
The pandemic forced the hands of hundreds of ASX stocks to raise cash. Some acted at early stages of the pandemic either seeing revenue drying up or eyeing new opportunities.
Other companies have taken their time before turning to investors for cash.
Qantas (ASX:QAN), for example, today announced a capital raise but prior to that sought liquidity from debt funding.
The increased number of capital raisings has been helped by ASIC’s temporary easing of regulations.
The top places were dominated by large-cap focused dealmakers with Macquarie, Goldman Sachs and JP Morgan taking out the top three.
In the smaller cap sector, Bell Potter and Canaccord Genuity are head and shoulders above their peers having raised $643m and $568m respectively.
About half of Bell Potter’s total came from three deals — a $151.7m rights issue for Nickel Mines (ASX:NIC), a $100.3m placement for petroleum play FAR (ASX:FAR) and an $89.5m placement for Mesoblast (ASX:MSB).
Other top performers included Ord Minnett with $251.7m, Morgans with $202.7m and Shaw & Partners with $161.8m.
However, the combined collection of deals would be particularly noteworthy with each having a fair share of 2020’s ASX winners.
The Riversgold deal was significant because the people Hartleys successfully pitched to included prominent mining investor Tolga Kumova. As a consequence Riversgold shares have risen from 1.1c to 7.3c in just a few weeks.