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Allens advises on string of leading ECM transactions

Key advisers: Julian Donnan, Adrian Amer 4 February 2026
Capital Markets Dealmakers & Investors Mergers & Acquisitions

Strong finish to 2025 and promising start to 2026 as firm advises on more than $17 billion in capital markets transactions

Reflective of improved conditions for raising equity and a positive sign for the year ahead, Allens' Equity Capital Markets team has had a strong finish to 2025 and a promising start to 2026, working on a string of leading ECM transactions.

'2025 was a strong year for the Allens equity capital markets team, marked by significant diversity in transaction types and structures,' said Julian Donnan, Partner and Head of ECM.

'We have seen plenty of activity, particularly in the second half of the year – from major IPOs like Virgin Australia, TPG's $3 billion capital return reduction and $73 million retail reinvestment plan and substantial convertible note issuances such as IREN's US$2.3 billion offering. 2026 kicked off with AUB Group's $400 million placement and SPP, and raisings by 29Metals and Anteris Technologies.

'The breadth of our work over the past 12 months reflects the market's evolution and our clients' innovative approaches to capital raising.

'The critical minerals and resources sector has continued to be a standout performer, with transactions like NexGen's $1 billion placement and Liontown's $372 million placement and share purchase plan. We have been privileged to leverage our deep sector expertise to support clients navigating this dynamic landscape,' he said.

'We are grateful to our clients – both issuers and underwriters – for entrusting us with such a significant number of strategically important raisings. Advising on more than $17 billion worth of capital markets transactions since mid-2025 and a flurry of activity in the first few weeks of 2026 is a testament to the depth and strength of our relationships and our commercially oriented, deal-focused approach to execution,' said ECM and M&A Partner, Adrian Amer.

Allens is recognised as a leading adviser in ECM, having advised on some of the most high profile matters in market in the past nine months, including:

Initial Public Offerings

  • Barrenjoey, Goldman Sachs and UBS – joint lead managers on the re-listing of Virgin Australia on the ASX, with a fully-underwritten IPO to raise approximately $685 million at a share price of $2.90, implying a market capitalisation of $2.3 billion.
  • Barrenjoey, Argonaut and Morgans – joint lead managers in respect of BMC Minerals' $100 million initial public offering and ASX listing.
  • Ord Minnett, MA Moelis, MST, Shaw and Partners and Canaccord – joint lead managers to the $330 million initial public offering and ASX listing of the MA Credit Income Trust.
  • Morgans, E&P, NAB, CommSec, Wilsons, Canaccord and Shaw and Partners – joint lead managers to the $300 million initial public offering and ASX listing of the Dominion Income Trust 1.

Secondary Raisings

  • AUB Group – on its $400 million placement and share purchase plan.
  • Macquarie Capital – as joint lead manager and underwriter on 29Metals' $150 million entitlement offer.
  • Barclays, Wells Fargo and Cantor Fitzgerald – as underwriters to Anteris Technologies' US$230 million offering of common stock.
  • Morgan Stanley and Canaccord – as joint lead managers and underwriters on Vulcan Energy's $1.1 billion placement and accelerated non-renounceable entitlement offer.
  • NexGen Energy – on its $1 billion placement.
  • L1 Global Long Short Fund Limited – on its $477 million capital raising by way of a $415 million entitlement offer and $62 million placement.
  • Macquarie Capital – as lead manager to L1 Group's $300 million institutional placement, share purchase plan and First Maven sell down.
  • Macquarie Capital and Canaccord – as joint lead managers and underwriters to Paladin's $300m institutional placement.
  • Liontown – on its $372 million placement and share purchase plan.
  • Macquarie Capital – as lead manager and underwriter to ALS' $350m institutional placement.
  • UBS – as lead manager and underwriter on Ridley Corporation's $125 million entitlement offer to fund the $300 million acquisition of Dyno Nobel's fertiliser distribution business.
  • Morgans, E&P Capital, Taylor Collison, NAB and Ord Minnett – joint lead managers to Metrics Master Income Trust's $315 million placement.
  • Ord Minnett, MA Moelis, MST, Canaccord, Shaw and Partners – joint lead managers to MA Financial Income Trust's $190 million entitlement offer.
  • Endura Mining – on its $150m private placement.
  • Northern Minerals – on its $60.5 million placement.
  • AIC Mines Limited – on its $55 million placement and $10 million share purchase plan.
  • Golden Horse Minerals – on its $35 million placement.
  • DevEx Resources – on its two-tranche $35 million placement and share purchase plan.
  • Podium Minerals Limited – on its $12 million capital raising by way of $5 million placement and $7 million underwritten entitlement offer.

Capital Reinvestment Plans

  • TPG Telecom Limited – on its $3 billion capital return reduction and $300 million institutional and $73 million retail reinvestment plan.
  • Reece Limited – on its $365 million off-market buy-back, and its on-market share buyback program of up to $35 million.

Bond and Note Offerings

  • IREN – on its US$2.3 billion offering of convertible notes.
  • CVC Limited – on its $75 million notes offer.
  • IREN – on its US$1 billion offering of convertible notes.
  • E&P Capital, Westpac, and Morgans – joint lead managers to Stonepeak-Plus INFRA1 $300 million notes offer.
  • E&P Capital, Taylor Collinson, Ord Minnett, NAB, CommSec, Morgans, Canaccord– joint lead managers to MA Credit Portfolio $300 million notes offer.
  • IREN – on its US$550 million offering of convertible notes.

Block Trades and Strategic Investments

  • Hadrian Capital Partners – on its $687 million block trade in Capstone Copper Corp.
  • QIC Critical Mineral and Battery Fund – on its equity investment in Austral Resources Limited via a conditional placement.

Allens legal team

Julian Donnan (Partner, Head of ECM), Adrian Amer (Partner), Michael Burrell (Senior Associate), Katherine Tsatsaklas (Senior Associate), Chris Bailey (Senior Associate), Jesse Lines (Senior Associate), Angela Zhangbao (Associate), Tim Walsh (Associate), Catherine Thomas (Associate), Fergus Rees (Associate), Lucy Sheppard (Associate), Patrick Lucarnus (Associate), Liam Slabber (Lawyer), Lauren McGrath-Wild (Lawyer), Lachlan Martin (Lawyer), Emma Cottle (Lawyer), Jack Shanahan (Lawyer), Kristian Jongeling (Lawyer)