During a relatively quiet year for capital markets (off the back of a bumper period), the King & Wood Mallesons (KWM) Equity Capital Markets (ECM) team helped its clients raise ˜$14.5 billion – a significant share of the capital raised on ASX in 2022. KWM has also advised clients on buy-backs totalling up to ˜$6 billion through a variety of structures. The firm also maintained its ECM Band 1 ranking by legal ranking guide Chambers Global 2022.
KWM acted on the two largest ECM transactions this year, advising ANZ on its successful $3.5 billion entitlement offer and Atlas Arteria on its successful $3.1 billion entitlement offer.
Partner Joseph Muraca noted that: “We are absolutely delighted to have acted for such a broad range of clients including on some ground-breaking and significant capital market transactions in an otherwise challenging year for ECM. The depth and breadth of our team and great client relationships has helped us achieve fantastic outcomes for many clients”.
Partner Amanda Isouard stated that: “Our involvement in so many capital raisings and buy-backs in 2022 demonstrates KWM’s ability to partner with a range of existing and new clients on a broad range of successful transactions. KWM has appreciated the opportunity to work with so many of its clients to secure capital or pay back capital to their shareholders”.
Partner Jack Hill added that: “Our significant market share this year builds on our success over recent years when the ECM market was more buoyant. It positions us well to advise clients looking to raise in 2023. While we expect IPOs will continue to be challenging in the near-term, we expect opportunities for ECM acquisition financing will continue for those companies willing to chase attractive targets. Capital management will also continue to be front of mind for many companies”.
Outside of pure capital markets transactions, KWM also advised Telstra on its $46 billion strategic corporate restructure. As a result of the restructure and associated shareholder approved scheme of arrangement, Telstra Group Limited is now listed on ASX as the new head entity of the Telstra Group.
KWM Australia and KWM London also helped Woodside Energy Group with the successful completion of its $20 billion merger with BHP’s oil and gas business. KWM Australia worked with Woodside on the effective distribution of new shares to BHP shareholders coupled with its new listings on the New York and London stock exchanges (KWM London led the legal advisory team that delivered Woodside’s listing in London).
Snapshot of 2022 capital markets transaction experience
- ANZ: $3.5 billion entitlement offer (issuer)
- Atlas Arteria: $3.1 billion entitlement offer (issuer)
- NAB: $2.5 billion on-market buy-back (issuer)
- NAB: $2 billion capital notes offer (issuer)
- ANZ: $1.5 billion on-market buy-back (issuer)
- Telstra: $1.35 billion on-market buy-back (issuer)
- ANZ: $1.28 billion capital notes offer (issuer)
- EBOS Group: $803 million entitlement offer and placement (issuer)
- Macquarie: $750 million capital notes offer (issuer)
- Dexus: $500 million exchangeable notes offer (issuer)
- IAG: $500 million capital notes offer (issuer)
- Bank of Queensland: $400 million capital notes offer (issuer)
- Suncorp: $375 million redemption of capital notes (issuer)
- IAG: $350 million on-market buy-back (issuer)
- New Hope Corporation: $300 million on-market buy-back (issuer)
- Steadfast: $233.4 million placement and share purchase plan (issuer)
- Jervois Global: $231 million entitlement offer and placement (issuer)
- Abacus Property Group: $203.3 million placement and share purchase plan (issuer)
- Hastings Technology: $150 million exchangeable notes offer (issuer)
- Hastings Technology: $111 million placement and share purchase plan (issuer)
- Regal Partners: $110 million entitlement offer (issuer)
- Iress: $100 million on-market buy-back (issuer)
- Renascor Resources: $70 million placement (joint lead managers)
- Bubs Australia: $63 million entitlement offer and placement (joint lead managers)
- Talga Group: $32.2 million placement and share purchase plan (joint lead managers)
- MoneyMe: $20 million placements (lead manager)
- Namoi Cotton: $14.1 million entitlement offer (issuer)
- Payright: $9.5 million placement and convertible notes offer (issuer)
