ASX capital raises total over $700 million, with mixed aftermarket outcomes

Over the last fortnight, ASX issuers secured more than $700 million in new capital, driven chiefly by L1 Global Long Short Fund’s $482.7 million entitlement raise at a 5.9% discount to the prior close. The transaction featured an extensive broker bench, with Canaccord Genuity, E&P Capital and Taylor Collison serving as joint lead arrangers and managers, supported by ten additional joint lead managers. Other notable raises included Unico Silver’s $60 million placement at a 10.1% discount, Meeka Metals’ $42.4 million at 10 c per share, and AIC Mines’ $70 million direct strategic placement without a broker.

Aftermarket performance diverged sharply: L1 Global shares rose 6.5% on the day, while Unico Silver and Meeka Metals fell 11.2% and 14% respectively, and Kalamazoo Resources enjoyed a 20% premium. The mix of broker-driven fees, option grants, and direct placements underscores the varied strategies companies employ to fund projects across sectors and regions.