Canaccord, Euroz Hartleys, Argonaut and Taylor Collison make the running

If the August 5–20 capital raising fortnight proved anything, it was that Australia’s capital markets have lost none of their appetite for writing sizeable cheques.

Across the ASX, the cash calls came thick and fast as companies and funds chased fresh cash for everything from building gold mines and drilling copper projects to acquisitions, artificial intelligence infrastructure and simply putting more money to work in investment portfolios.

Canaccord appeared repeatedly, while Euroz Hartleys and Taylor Collison landed some useful mandates. Argonaut may not have matched some rivals on transaction count but landed the senior global coordinator role on one of the biggest operating-company placements of the fortnight – Wia Gold’s monster $125 million raise.

Petra Capital also chalked up two joint lead manager and bookrunner mandates, while CPS Capital was busy clipping tickets at the smaller end with four deals.

But the size of the cheque only tells part of the story. The real action was in the price companies paid for capital, the discounts brokers extracted for their investing clients and what happened once everyone walked away from the bookbuild.

Three transactions in particular show just how differently the market can price fresh money.

Raised: $225 million placement, plus an SPP Price: $1.32.5 Discount: 5.0 per cent to the pre-raise close

WAM Leaders produced the biggest completed placement of the fortnight, raising $225 million at $1.325 per share after demand exceeded the original target.

The book closed early, allocations were scaled back and the placement was upsized – three pretty good indications that finding homes for the stock wasn’t keeping anyone awake at night.

The price represented a modest five per cent discount to WLE’s $1.395 pre-raise close and was almost bang on its July 31 pre-tax net tangible asset (NTA) backing of $1.3231.

Commonwealth Securities , Morgans Financial , Ord Minnett and Taylor Collison acted as joint lead arrangers, while those four joined Bell Potter Securities , Canaccord Genuity, E&P Capital and Shaw and Partners as joint lead managers.

Existing shareholders can also join the party through an SPP priced at the lower of $1.325 or the five-day VWAP immediately before the September 4 issue date.

Getting $225 million of cash in the tin at only five per cent below the prevailing share price after scaling back investors suggests the capital markets were hardly giving WAM a hard time.

Raised: $125 million Price: $0.425 Discount: Nil to the pre-raise close Current price: $0.51 – up 20 per cent