ASX capital raising exceeds $700 million led by L1 Global

Over the past fortnight, more than $700 million was raised across the Australian Securities Exchange (ASX). The L1 Global Long Short Fund dominated the period with an accelerated one-for-two non-renounceable entitlement offer and shortfall offer aimed at raising up to $482.7 million. The offer price was set at $1.76, representing a 5.9 per cent discount to the previous close.

Broking activity for the L1 Global offer involved several major players, including Canaccord Genuity, E&P Capital, and Taylor Collison as joint lead arrangers. Other managers included Ord Minnett, Morgans, Shaw and Partners, CommSec, Bell Potter, MST Financial Services, and NAB.

In contrast to the heavy involvement of brokers in larger deals, AIC Mines and Kalamazoo Resources successfully raised $70 million and $10 million respectively without the use of a broker.