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.
Bell Potter was the standout
With $1 billion in deals and a market share of nearly 15 per cent Bell Potter stood head and shoulders above the rest.
Its most notable deals included the IPO and subsequent capital raisings for telco Uniti Group (ASX:UWL), which is 2019’s best performing IPO.
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.
Other top performers
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.
Next is Ord Minnett with $364.7m. Its deals included the IPOs of fintechs Sezzle (ASX:SZL) and MoneyMe (ASX:MME).
Going down
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 $2 billion.
Its largest clients included Karoon Energy (ASX:KAR), GPT Group (ASX:GPT), Mirvac (ASX:MGR) and Bravura Solutions (ASX:BVS). Nevertheless it did do some small cap deals, including for Amaysim (ASX:AYS), ReadyTech (ASX:RDY) and Prospa (ASX:PGL).
Manager | Rank | Volume ($M) | Deals | Market Share (%) | Market Share Difference (%) |
---|---|---|---|---|---|
Bell Potter Securities Ltd | 1 | 1,035.04 | 74 | 14.97% | 6.39% |
Morgans | 2 | 648.29 | 43 | 9.37% | 2.47% |
Canaccord Genuity | 3 | 391.14 | 33 | 5.66% | 0.70% |
Shaw & Partners Ltd | 4 | 371.73 | 21 | 5.37% | 2.91% |
Ord Minnett Ltd | 5 | 364.68 | 13 | 5.27% | 2.56% |
Moelis & Co | 6 | 347.76 | 9 | 5.03% | 4.45% |
Taylor Collison Ltd | 7 | 317.25 | 32 | 4.59% | -0.44% |
Wilsons Corporate Finance Ltd | 8 | 242.08 | 7 | 3.50% | 1.44% |
Macquarie | 9 | 202.51 | 5 | 2.93% | -5.66% |
Petra Capital Pty Ltd | 10 | 188.99 | 10 | 2.73% | 1.79% |
Euroz Securities | 11 | 186.20 | 19 | 2.69% | -1.78% |
JP Morgan | 12 | 185.06 | 3 | 2.68% | -1.34% |
National Australia Bank | 13 | 177.98 | 2 | 2.57% | 1.10% |
Argonaut Ltd | 14 | 176.40 | 12 | 2.55% | 0.16% |
Hartleys Ltd | 15 | 151.79 | 36 | 2.19% | -2.57% |
Commonwealth Bank Australia | 16 | 146.67 | 1 | 2.12% | 1.38% |
Patersons Securities Ltd | 17 | 142.58 | 42 | 2.06% | -0.82% |
Morgan Stanley | 18 | 125.53 | 3 | 1.81% | 0.94% |
Blue Ocean Equities Pty Ltd | 19 | 110.04 | 21 | 1.59% | 0.87% |
PAC Partners Pty Ltd | 20 | 88.69 | 19 | 1.28% | -0.18% |
CPS Securities Pty Ltd | 21 | 76.06 | 7 | 1.10% | 1.10% |
Goldman Sachs | 22 | 64.90 | 2 | 0.94% | 0.49% |
Bridge Street Capital Partners Pty Ltd | 23 | 60.33 | 11 | 0.87% | 0.82% |
Credit Suisse | 24 | 55.80 | 1 | 0.81% | -0.93% |
UBS | 25 | 54.88 | 1 | 0.79% | -0.86% |
CPS Capital Group Pty Ltd | 26 | 52.64 | 22 | 0.76% | -0.83% |
Deutsche Bank | 27 | 51.52 | 1 | 0.74% | -1.78% |
Henslow Pty Ltd | 28 | 46.73 | 9 | 0.68% | 0.56% |
Baillieu Holst Ltd | 29 | 44.96 | 7 | 0.65% | -0.12% |
Evans Dixon Ltd | 30 | 41.31 | 2 | 0.60% | 0.60% |
Peloton Capital Pty Ltd | 31 | 40.42 | 10 | 0.58% | -0.05% |
Citi | 32 | 40.30 | 2 | 0.58% | -1.05% |
Ashanti Capital Ltd | 33 | 29.06 | 7 | 0.42% | 0.20% |
Aitken Murray Capital Partners Pty Ltd | 34 | 25.85 | 4 | 0.37% | 0.30% |
Cenkos Securities | 35 | 25.24 | 2 | 0.36% | -0.27% |
Oppenheimer & Co | 36 | 25.00 | 1 | 0.36% | 0.36% |
Forsyth Barr Ltd | 37 | 24.38 | 1 | 0.35% | -0.28% |
Curran & Co | 38 | 22.49 | 3 | 0.33% | 0.33% |
Alto Capital | 39 | 20.38 | 5 | 0.29% | 0.17% |
Nplus1 Singer Advisory LLP | 40 | 20.13 | 1 | 0.29% | 0.29% |
RM Capital Pty Ltd | 41 | 16.89 | 8 | 0.24% | -0.12% |
Everblu Capital Pty Ltd | 42 | 16.03 | 9 | 0.23% | -0.12% |
Armada Capital Ltd | 43 | 15.49 | 2 | 0.22% | 0.22% |
Merchant Group Pty Ltd | 44 | 14.79 | 7 | 0.21% | 0.06% |
DJ Carmichael Pty Ltd | 45 | 14.51 | 7 | 0.21% | -0.31% |
Bell Securities | 46 | 14.03 | 1 | 0.20% | 0.20% |
Veritas Securities Ltd | 47 | 13.65 | 2 | 0.20% | -0.09% |
Cowen & Co | 48 | 13.33 | 1 | 0.19% | 0.19% |
Pinnacle Corporate Finance Pty Ltd | 49 | 13.19 | 11 | 0.19% | -0.01% |
Discovery Capital Partners | 50 | 12.48 | 6 | 0.18% | 0.03% |
Roth Capital Partners Inc | 51 | 12.29 | 1 | 0.18% | 0.07% |
Forrest Capital Pty Ltd | 52 | 11.50 | 3 | 0.17% | 0.01% |
BW Equities Pty Ltd | 53 | 11.32 | 4 | 0.16% | -0.24% |
Panthea Capital Partners | 54 | 10.00 | 4 | 0.14% | 0.05% |
WG Partners | 54 | 10.00 | 1 | 0.14% | -0.13% |
JP Equity Partners | 56 | 9.72 | 6 | 0.14% | 0.14% |
Xcel Capital Pty Ltd | 57 | 9.38 | 8 | 0.14% | -0.24% |
Jett Capital Advisors LLC | 58 | 9.04 | 1 | 0.13% | 0.13% |
Strategic Bank International LLC | 59 | 8.75 | 2 | 0.13% | 0.13% |
Otsana Pty Ltd | 60 | 7.80 | 2 | 0.11% | 0.02% |
Gleneagle Securities Aust Pty Ltd | 61 | 7.46 | 3 | 0.11% | 0.05% |
MST Financial Services Pty Ltd | 62 | 7.32 | 1 | 0.11% | 0.11% |
Peak Asset Management | 63 | 7.13 | 4 | 0.10% | -0.13% |
Ironside Capital Group LLC | 64 | 7.01 | 2 | 0.10% | 0.06% |
Foster Stockbroking Pty Ltd | 65 | 6.63 | 3 | 0.10% | -0.33% |
Wentworth Global Capital Partners Pty Ltd | 66 | 6.54 | 2 | 0.09% | 0.01% |
CCZ Statton Equities | 67 | 6.28 | 2 | 0.09% | -0.21% |
Sanlam Private Wealth Pty Ltd | 68 | 6.22 | 5 | 0.09% | -0.25% |
RBC Capital Markets | 69 | 6.00 | 1 | 0.09% | -0.75% |
Empire Equity Australia Pty Ltd | 70 | 5.95 | 1 | 0.09% | 0.09% |
KTM Capital | 71 | 5.76 | 1 | 0.08% | -0.02% |
Kentgrove Capital Pty Ltd | 72 | 5.70 | 1 | 0.08% | 0.08% |
Triple C Consulting Pty Ltd | 73 | 5.67 | 3 | 0.08% | 0.03% |
Taurus Capital Group Pty Ltd | 74 | 5.40 | 1 | 0.08% | 0.08% |
Nascent Capital Partners | 75 | 5.21 | 3 | 0.08% | 0.05% |
Hawkesbury Partners | 76 | 4.99 | 1 | 0.07% | 0.01% |
Deutsche Balaton AG | 77 | 4.98 | 2 | 0.07% | 0.07% |
Fordham Financial Management Inc | 78 | 4.83 | 2 | 0.07% | 0.07% |
Rawson Lewis Pty Ltd | 79 | 4.26 | 2 | 0.06% | 0.06% |
Shore Capital Group Ltd | 80 | 4.11 | 2 | 0.06% | 0.01% |
Barclay Wells Ltd | 81 | 4.00 | 1 | 0.06% | -0.01% |
Bizzell Capital Partners | 81 | 4.00 | 1 | 0.06% | -0.02% |
Vested Equities Pty Ltd | 81 | 4.00 | 1 | 0.06% | -0.03% |
708 Capital Pty Ltd | 84 | 3.75 | 2 | 0.05% | -0.13% |
Baker Young Ltd | 85 | 3.74 | 2 | 0.05% | 0.01% |
Enrizen Capital Pty Ltd | 86 | 3.66 | 1 | 0.05% | 0.05% |
Chieftain Securities Pty Ltd | 87 | 3.63 | 2 | 0.05% | -0.01% |
Canary Capital Pty Ltd | 88 | 3.50 | 2 | 0.05% | 0.00% |
Aurenda Partners | 88 | 3.50 | 1 | 0.05% | 0.05% |
TMT Partners Pty Ltd | 88 | 3.50 | 1 | 0.05% | 0.05% |
Aahana Global Resources & Investment Pte Ltd | 91 | 3.39 | 1 | 0.05% | 0.05% |
Fawkner Capital Management Pty Ltd | 92 | 3.30 | 1 | 0.05% | -0.06% |
Azure Capital Pty Ltd | 93 | 3.29 | 1 | 0.05% | 0.05% |
Lodge Partners | 94 | 3.19 | 2 | 0.05% | 0.05% |
Cove Capital Pty Ltd | 95 | 2.84 | 1 | 0.04% | 0.03% |
Altor Advisory Partners Pty Ltd | 96 | 2.72 | 1 | 0.04% | 0.04% |
Blackwood Capital Ltd | 97 | 2.57 | 1 | 0.04% | -0.18% |
Altor Capital Pty Ltd | 98 | 2.53 | 3 | 0.04% | 0.04% |
Brandon Hill Capital Ltd | 99 | 2.50 | 1 | 0.04% | 0.04% |
RFC Ambrian Ltd | 99 | 2.50 | 1 | 0.04% | -0.87% |
Viaticus Capital LLC | 99 | 2.50 | 1 | 0.04% | 0.04% |
Viriathus Capital | 99 | 2.50 | 1 | 0.04% | 0.04% |
XEC Partners | 103 | 2.48 | 2 | 0.04% | 0.03% |
GTT Ventures Pty Ltd | 104 | 2.42 | 4 | 0.03% | -0.16% |
SP Angel Corporate Finance LLP | 105 | 2.30 | 2 | 0.03% | -0.07% |
Acova Capital | 106 | 2.28 | 1 | 0.03% | 0.03% |
Salient Corporate Pty Ltd | 107 | 2.20 | 1 | 0.03% | 0.03% |
Novum Securities | 108 | 2.00 | 2 | 0.03% | 0.01% |
QA Capital Pty Ltd | 108 | 2.00 | 1 | 0.03% | 0.03% |
Alignment Capital Pty Ltd | 110 | 1.85 | 1 | 0.03% | -0.01% |
Cygnet Capital Pty Ltd | 111 | 1.76 | 2 | 0.03% | 0.03% |
Originate Capital | 112 | 1.75 | 1 | 0.03% | 0.03% |
Empire Capital Partners Pty Ltd | 113 | 1.59 | 2 | 0.02% | 0.02% |
Oracle Capital Pty Ltd | 114 | 1.55 | 1 | 0.02% | 0.02% |
Turner Pope Investments Ltd | 114 | 1.55 | 1 | 0.02% | -0.44% |
Harbury Advisors Pty Ltd | 116 | 1.53 | 2 | 0.02% | 0.02% |
Lodge Corporate Services Pty Ltd | 117 | 1.50 | 1 | 0.02% | -0.13% |
Lucerne Investment Partners | 117 | 1.50 | 1 | 0.02% | 0.02% |
Trident Capital | 119 | 1.49 | 1 | 0.02% | 0.02% |
Red Leaf Securities Pty Ltd | 120 | 1.47 | 2 | 0.02% | -0.08% |
EAS Advisors LLC | 121 | 1.42 | 1 | 0.02% | 0.02% |
Twenty 1 Corporate Pty Ltd | 121 | 1.42 | 1 | 0.02% | -0.09% |
SI Capital Ltd | 123 | 1.36 | 1 | 0.02% | 0.02% |
Westar Capital Ltd | 124 | 1.25 | 1 | 0.02% | -0.16% |
Burnvoir Corporate Finance Ltd | 125 | 1.22 | 1 | 0.02% | 0.02% |
Ascot Securities Pty Ltd | 126 | 1.20 | 1 | 0.02% | 0.02% |
Hunter Capital Advisors Pty Ltd | 127 | 1.19 | 1 | 0.02% | -0.54% |
Pinnacle Equities | 128 | 1.06 | 2 | 0.02% | -0.01% |
Angophora Capital Pty Ltd | 129 | 1.02 | 1 | 0.01% | 0.01% |
Bluebird Capital Ltd | 129 | 1.02 | 1 | 0.01% | 0.01% |
Diamond Capital Partners Pty Ltd | 129 | 1.02 | 1 | 0.01% | 0.01% |
Southern Cross Equities Ltd | 132 | 1.00 | 1 | 0.01% | 0.01% |
WH Ireland Ltd | 133 | 0.98 | 1 | 0.01% | 0.00% |
Entrepreneur Development Capital Pty Ltd | 134 | 0.93 | 1 | 0.01% | 0.01% |
Peregrine Corporate Ltd | 134 | 0.93 | 1 | 0.01% | -0.10% |
Rymill Global Ventures Ltd | 136 | 0.84 | 1 | 0.01% | 0.01% |
Municipal Advisor Solutions LLC | 137 | 0.75 | 1 | 0.01% | 0.01% |
Melbourne Capital Ltd | 138 | 0.72 | 1 | 0.01% | 0.01% |
SVS Securities | 139 | 0.69 | 1 | 0.01% | 0.00% |
Beaumont Cornish | 140 | 0.68 | 1 | 0.01% | 0.00% |
Shard Capital Partners LLP | 140 | 0.68 | 1 | 0.01% | 0.00% |
Grange Capital LLC | 142 | 0.67 | 1 | 0.01% | 0.01% |
LeMessurier Securities Pty Ltd | 143 | 0.66 | 1 | 0.01% | 0.01% |
Thundering Herd Pty Ltd | 143 | 0.66 | 1 | 0.01% | 0.01% |
Golden Triangle Pty Ltd | 145 | 0.63 | 1 | 0.01% | 0.01% |
Pamplona Capital Management LLP | 146 | 0.59 | 1 | 0.01% | -0.07% |
SLM Corp | 147 | 0.58 | 1 | 0.01% | 0.01% |
SinoPac Financial Holdings | 148 | 0.45 | 1 | 0.01% | 0.01% |
Brentridge Capital Pty Ltd | 149 | 0.43 | 1 | 0.01% | 0.01% |
Adelaide Equity Partners Ltd | 150 | 0.36 | 1 | 0.01% | 0.01% |
Moore Stephens | 150 | 0.36 | 1 | 0.01% | 0.01% |
Sixty Two Capital Pty Ltd | 152 | 0.35 | 1 | 0.01% | 0.01% |
Zark Capital Ltd | 153 | 0.30 | 1 | 0.00% | 0.00% |
Ikigaii Capital Pte Ltd | 154 | 0.22 | 1 | 0.00% | 0.00% |