Rainmakers Recap: Who were the top performing equity capital markets firms in 2019?
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2019 has been a strong year for the equity capital markets (ECMs). The ASX Small Ords has gained over 20 per cent and nearly $7 billion of deals were completed.
Investors will be happy but so will the rainmakers who made these deals possible. As the year draws to a close, Stockhead recaps the best performing ECM firms of 2019.
With $1 billion in deals and a market share of nearly 15 per cent Bell Potter stood head and shoulders above the rest.
Uniti is aspiring to be an alternative to the NBN and has raised capital several times post its IPO to fund acquisitions which fuelled grow. Notably though, one potential suitor that said ‘no thanks’ was fellow listee Spirit Telecom (ASX:SP1).
Bell Potter also raised $5m for Kyckr (ASX:KYK), which was led by WiseTech (ASX:WTC) founder Richard White.
Second was Morgans with $648m worth of deals and a 9.4 per cent market share. Its deals included a $40m capital raise for buy now, pay later stock Splitit (ASX:SPT) and a placement for Stavely Minerals (ASX:SVY) back in April, five months before it made a 40 per cent copper hit.
The merger between Canaccord and Patersons was completed only a few weeks ago. As a standalone entity for most of the year, Canaccord was third with $391m worth of deals and Patersons did another $143m worth of deals.
Canaccord’s clients included Evolve Education (ASX:EVO), Salt Lake Potash (ASX:SO4) and Hastings Technology Metals (ASX:HAS). The latter was a $12m raise earlier in December and went smoother than its previous capital raise earlier in the year.
When we first recapped ECM dealmakers in May we noted it had been a slow year for Shaw & Partners. It has picked up the pace since then finishing the year with $372m in deals on the books. Back in June it acquired WA-based wealth management business DJ Carmichael, which did $14.5m worth of deals in its own right.
The three firms that saw their market share decline the most were Hartleys, Macquarie and Deutsche Bank. For the latter it is easy to point the finger at its mid-year job cuts.
Macquarie is probably better known for its large cap deals and if you take these into account, its deals total over $2 billion.
Its largest clients included Karoon Energy (ASX:KAR), GPT Group (ASX:GPT), Mirvac (ASX:MGR) and Bravura Solutions (ASX:BVS). Nevertheless it did do some small cap deals, including for Amaysim (ASX:AYS), ReadyTech (ASX:RDY) and Prospa (ASX:PGL).