CSL, 2021: $6.3 billion placement at a floor price of $273 followed by a $750 million SPP which will have an alternative pricing of a 2% discount to VWAP.
NAB, 2020: $3 billion placement in April 2020 at just $14.15 a share, followed by a $500m SPP, which was later expanded to $1.25 billion.
NAB, 2008: $3 billion placement in November 2008 at $20 a share and then only a further $250 million raised in a share purchase plan in December 2008 which was priced at $19.97 a share and brought the total raising to $3.25 billion with just 7.7% contributed by retail investors.
Westfield, 2009: $2.9 billion placement in early 2009 to pay down debt after the GFC hit which only produced a follow on $5000 SPP at $10.04 after I threatened to run for the board. It only raised $60m so retail investors contributed just 2% to the $2.96 billion raising.
Westpac, 2008: $2.5 billion placement in December 2008 at $16 a share followed by a $500m SPP which pulled in an additional $442 million so total of $2.94 billion raised with retail contributing just 15%.
ANZ, 2015: launched a snap $2.5 billion raising via an institutional placement on Thursday August 6, 2015. The 80.8 million shares were underwritten by brokers Citi, Deutsche Bank and JPMorgan at $30.95 a share. Was later the subject of ASIC enforcement action alleging cartel conduct. Follow on SPP raised $720 million at $26.50, a 2% discount to VWAP. Mooted $500m cap was ignored. Total raising $3.22 billion with retail contributing 22.3%.
ANZ, 2009: launched a $2.5 billion placement at $14.40 in May 2009 followed by what was meant to be a $350m SPP but was eventually expanded to $2.2 billion.
Westpac, 2019: $2 billion placement at $25.32 in November 2019 followed by a $500m SPP which was expanded $770m so retail contributed 27.8% of $2.77 billion raising.
Commonwealth Bank, 2008: $2 billion raised through institutional placement at $38 a share in October 2008 to fund BankWest acquisition, but no SPP offered.
NAB, 2009: $2 billion institutional placement at $21.50 a share in July 2009, accompanied by an SPP capped at $750 million, despite receiving applications worth $2.6 billion. Retail owned around 50% of the bank at the time but only contributed 27.3% of the $2.75 billion raising.
CSL, 2008: $2 billion placement to fund US acquisition in August 2008 at $36.75 a share and then followed up with $143 million SPP, bringing the total to $2.143 billion with retail only contributing 6.67%.
Commonwealth Bank, 2008: $1.65 billion placement at $26 a share on December 18, 2008 after earlier dispute with Merrill Lynch. Delayed uncapped $10,000 SPP until February 2009 that attracted applications of $865 million with no scale back. The placement shares received the interim $1.13 dividend but the SPP recipients did not so retail were shafted. Retail contributed 34.4% of the $2515 million raising but if you include the earlier $2 billion placement in October 2008 with no SPP, 2008-09 saw retail contribute just 17.8% or $865 million of the $4.865 billion raised by CBA.
Asciano, 2009: a $1.58 billion institutional placement at $1.10 twinned with a $769 million entitlement offer and followed by a $100 million SPP. This was the biggest ever placement combined with an entitlement offer and required shareholder approval for $1.35 billion of it.
Macquarie Group: Announced a $1.5 billion placement at the floor price of $190 coinciding with a record first half net profit of $2.04 billion which ended up being priced at $194 with good disclosure in the outcome announcement.
Qantas, 2020: A $1.36 billion placement at $3.65 which represented the maximum 25% of pre-raising issued capital utilising the COVID-19 emergency provisions given that the normal placement is only 15%. Was followed by a $500 million SPP on the same terms or a 2.5% discount to the 5-day VWAP.
IAG, 2013: $1.2 billion placement at $5.47 in December 2013 followed by a $200m SPP which brought in $236 million with no scale back. Retail contributed 16.4% of $1.436 billion capital raising.
Ramsay Healthcare, 2020: $1.2 billion placement at $56 launched in April 2020 followed by a $200m SPP.
QBE Insurance, 2020: $1.2 billion placement at $8.25 launched in April 2020 followed by a $US75 million SPP which fell short, bringing in $83 million.
AMP, 2003: $1.2 billion placement at $5.50 followed by an SPP which priced at $4.82, based on a 5% discount to VWAP, and brought in $95.7 million from retail with a larger chunk coming from an under-writing deal with UBS.
Vicinity Centres, 2020: $1.2 billion placement at $1.48 followed by a $200m SPP.
Santos, 2016: $1.04 billion placement at $4.06 in December 2016 followed by an SPP capped at $500 million which was priced at $3.94 based on a 2% discount to VWAP and brought in $201 million so retail contributed 16.2% of $1.241 billion capital raising.
Macquarie Group, 2019: $1 billion placement at $120 a share in August 2019 followed by an uncapped SPP which raised $679 million, comprising 40.4% of the raising.
Newcrest, 2020: $1 billion placement at $26.50 in April 2020 followed by a capped $100m SPP with 54,000 retail investors invited to apply for $30,000 each. Was lifted to $200 million after $300 million in applications received.
There have only been 21 placements above $1 billion.
Lend Lease, 2019: $950 million placement at $9.80 a share in April 2019 followed by a $200m SPP which was expanded to $260 million.
Dexus, 2019: $900 million placement in May 2019 to fund acquisition of 80 Collins Street followed by a $50m placement which brought in $63.9m with no scale back. Retail contributed just 6.6% of $964m capital raising.
Wesfarmers, 2009: $900 million placement to two institutions at $14.25 as part of $4.5 billion capital raising in early 2009. The rest was a 3-for-7 entitlement offer at $13.50, although retail investors only took up $1.6 billion of their $3 billion entitlement so the dilution has been enormous, especially with Wesfarmers shares now well north of $30.
Cochlear, 2020: $880 million placement at $140 in March 2020 after elective surgery was effectively shut down by COVID-19. Followed by a $50m SPP which was expanded to $220 million after receiving $417m in applications so retail contributed 20% of the $1.1 billion.
Oil Search, 2020: $760m placement at $2.10 in April 2020 followed by a $400 million 1-for-8 entitlement offer at $2.10 with applicants invited to apply for overs equivalent to 200% of their entitlement.
Macquarie Group, 2007: $750 million placement at $87 a share in May 2007, which was followed by $79.4 million SPP at a fixed price of $87 a share with no VWAP alternative pricing. Retail allocated just 9.57% of $829.4 million capital raising.
Newcrest, 2009: $750 million institutional placement at $27 a share on February 2, 2009 with a follow-up $5000 SPP plan which only brought in an extra $59 million. Retail contributed just 7.3% of $809 million raising.
Macquarie Group, 2006: A $700 million placement at $66 a share in May 2006, which was followed by a $9 million SPP with a fixed price and no VWAP alternative price which only raised $9 million so retail allocated just 1.2% of a $709 million raising.
Next DC, 2020: $672 million placement at $7.80 in April 2020 followed by an uncapped $30,000 SPP at the same price.
Insurance Australia Group (IAG), 2020: a $650 million placement at $5.50 followed by a $100 million SPP which was uncapped when $125.9 million came through the door and was priced at $4.97 based on a 2% discount to the closing VWAP of $5.07.
Afterpay, 2020: Announced a $650m placement at a floor price of $61.75 but then ended up pricing it at $66, a modest 2.9% discount to the previous close of $68. The founders also sold $270 million worth of stock into the same bookbuild at $66, so you could argue this placement was actually worth $920 million. A $150 million SPP followed.
AMP, 2019: $650 million placement in August 2019 under-written at $1.50 and priced at $1.60, followed by an uncapped $15,000 SPP which brought in only $134 million despite being well in the money. Retail finished with 17% of $784 million but it was their fault as only 15,000 of 713,273 eligible shareholders applied.
Incitec Pivot, 2020: $600 million placement at $2 followed by a $30,000 SPP capped at $75 million with pricing including a 2% discount to VWAP. Retail proposed to get 11.1% of the $675 million raising.
Macquarie Group, 2009: $540 million placement at $27 in May 2009 followed by an uncapped $15,000 SPP at $26.60 which brought in $669m from more than 55,000 investors. The only entry on this list where retail shareholders contributed a majority (55.33%) of the funds raised in a $1209 million capital raising.
Transurban, 2019: $500m placement in 2019 followed by a $15,000 SPP which was capped at $200 million but ended up raising $312 million. so retail contributed a healthy 38.4% of the $812m raising.
Macquarie Group, 2015: $500m placement in April 2015 at $73.50 followed by SPP capped at $10,000 with a 1% discount to VWAP. 18,000 holders applied for $170m, so retail allocated 25.4% of $670 million raising.
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