02 February 2021

KWM’s ECM team helps clients secure over $23 billion in capital in 2020

During the unprecedented year that was 2020, the King & Wood Mallesons (KWM) Equity Capital Markets (ECM) team helped its clients raise over $23 billion – a lion’s share of the equity capital raised on ASX in 2020.  KWM also maintained its ECM Band 1 ranking by legal ranking guide Chambers Global 2021.

M&A Managing Partner Evie Bruce stated that: “KWM has appreciated the opportunity to work with so many of its clients on capital raisings during these extraordinary times.  In particular, KWM was delighted to be engaged by clients on large-cap, mid-cap and small-cap capital raisings during 2020.”

Partner David Friedlander noted that: “KWM acted on a significant number of capital raisings during the financial crisis a decade earlier and was able to draw on that experience when working on transactions during COVID-19.” 

Partner Joseph Muraca stated that: “KWM’s ability to act on a large number of capital raisings during the COVID-19 pandemic reflects the deep bench strength of our ECM team across Australia and our position as a ‘go to’ adviser in challenging times.”

Partner Henrik Moritz noted that:  “With the benefit of technology, lawyers across our different offices managed to work seamlessly on many capital raisings last year for our clients.”

Partner Jason Watts added that:  “This was best demonstrated during some of the most urgent COVID-19-related capital raisings where our teams were working from home across the country.”

Special counsel Amanda Isouard noted that: “The temporary capital raising reforms helped facilitate a flood of transactions in the Australian market during the COVID-19 pandemic.  Although these reforms have expired, they re-ignited the pipeline of ECM deals – which are looking strong for 2021.” 

During 2020, KWM advised on numerous capital raisings, including those set out below. 

This significant market share continues KWM’s ongoing success in the ECM space.  The KWM ECM team has worked on both of the largest placements and the largest ever entitlement offer in Australian corporate history.  KWM has also advised on a large number of the greater than $1 billion primary and secondary capital raisings in Australian corporate history.

Snapshot of 2020 ECM transaction experience

  • NAB:  ~$4.25 billion placement & SPP (issuer)
  • NAB: ~$2.385 billion capital notes 5 offer (issuer)
  • Sydney Airport: ~$2 billion entitlement offer (lead manager)
  • NAB: ~$1.95 billion capital notes 4 offer (issuer)
  • Qantas Airways: ~$1.43 billion placement & SPP (issuer)
  • Vicinity: ~$1.4 billion placement & SPP (major shareholder)
  • Ramsay Holdings: ~$1.2 billion placement (major shareholder)
  • Auckland Airport:  ~NZ$1.2 billion placement & SPP (issuer – Aus counsel role)
  • Lendlease:  ~$1.15 billion placement & SPP (lead managers)
  • Oil Search:  ~$1.08 billion entitlement offer & placement (lead managers)
  • IOOF: ~$1.04 billion placement, entitlement offer & SPP (lead manager)
  • Macquarie: ~US$750 million subordinated notes offer (issuer)
  • Macquarie: ~$750 million subordinated convertible debt offer (issuer)
  • Flight Centre: ~$700 million entitlement offer & placement (issuer)
  • Incitec Pivot: ~$675 million placement & SPP (issuer)
  • Dalrymple Bay Infrastructure: ~$656 million IPO (lead managers)
  • AusNet: ~$650 million subordinated debt issuance (issuer)
  • Ampol: ~$500 million subordinated debt issuance (issuer)
  • Atlas Arteria: ~$495 million placement & SPP (issuer)
  • Bendigo: ~$450 million capital notes offer (lead managers)
  • Lynas: ~$425 million placement & SPP (issuer)
  • Abacus: ~$402 million entitlement offer (issuer)
  • Macquarie:  ~$400 million capital notes offer (issuer)
  • Flight Centre: ~$400 million convertible notes (issuer)
  • Challenger: ~$500 million capital notes offer (issuer)
  • Charter Hall Retail REIT: ~$304.5 million placement & UPP (issuer)
  • Bendigo & Adelaide Bank: ~$300 million placement & SPP (lead manager)
  • Charter Hall Retail REIT:  ~$300 million placement & UPP (issuer)
  • Adore Beauty: ~$270 million IPO (lead managers)
  • Bank of Queensland: ~$260 million capital notes offer (issuer)
  • Charter Hall Long WALE REIT: ~$250 million placement (issuer)
  • Suncorp: ~$250 subordinated notes issue (issuer)
  • Pilbara Minerals: ~$240 million placement & entitlement offer (cornerstone investor and sub-underwriter)
  • Super Retail Group: ~$203 million entitlement offer (issuer)
  • Suncorp: ~$194 million CPS3 resale and conversion offer (issuer)
  • Iress: ~$170 million placement & SPP (issuer)
  • oOh!media:~$167 million entitlement offer & SPP (issuer)
  • Universal Store: ~$150 million IPO (lead managers)
  • Credit Corp:  ~$150 million placement & SPP (lead manager)
  • Charter Hall Long WALE REIT: ~$126 million placement & UPP (issuer)
  • Webjet: ~EUR100 million convertible note (lead manager)
  • Charter Hall Retail REIT: ~$100 million placement (issuer)
  • Harmoney: ~$92.5 million IPO (issuer)
  • ClearView Wealth: ~$75 million subordinated notes issue (issuer)
  • Star Entertainment Group: ~$75 million dividend reinvestment plan (issuer)
  • Megaport:  ~$65 million placement & SPP (lead managers)
  • Australian Finance Group:~$60 million entitlement offer & placement (lead manager)
  • Talga Group: ~$35 million placement & SPP (lead manager)
  • Payright: ~$20 million IPO (issuer)
  • Weebit Nano: ~$15 million placement & SPP (issuer)
  • Cardinal Resources: ~$12 million placement (acted for subscriber)
  • Marvel Gold: ~$5.7 million placement (issuer)
  • Lefroy Exploration: ~$4.5 million placement & SPP (issuer)

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