Wall Street giant JPMorgan tops Australian ECM rankings

Citi worked on eight transactions with a worth of $US1.98bn, according to LSEG data. Picture: AFP

JPMorgan won the title of top ­equity capital markets bank in Australia for the 2025 financial year to date, according to LSEG data, working on 11 deals worth $US2.8bn.

Coming in a close second was investment bank Citi with eight transactions worth $US1.98bn and Goldman Sachs third with 11 ECM transactions worth $US1.59bn.

Australian ECM activity was up 20.6 per cent on the previous corresponding year when the capital markets slowed with few initial public offerings in a rising interest rate environment.

The largest deals included a $4bn-plus equity raising by Goodman Group to fund data centre ­development and the ­DigiCo ­Infrastructure REIT IPO in ­December.

China Investment Corp’s $1.9bn sale out of Goodman Group in December, advised by Citi, was also one of the largest deals.

JPMorgan’s major win involved advising Goodman Group on its equity raising and it also advised Xero last week on its equity raising to buy Melio.

Jonas Troeber, head of equity capital markets for Australia and New Zealand at the Wall Street giant, credited the bank’s ability to underwrite large transactions and close work with institutional investors for the result.

Mr Troeber said the ECM activity in the market was diverse in terms of more financing for mergers and acquisitions, opportunistic equity raisings and selldowns.

“Having healthy global market trading levels will continue to drive cross-border M&A and outbound M&A, which is a conduit to drive equity financing,” he said.

He cited Xero’s $US2.5bn announced acquisition of Melio, where the group raised more than $1.85bn to help fund the transaction. “Australian companies have healthy balance sheets and are looking for growth avenues and to invest again,” he said. “As domestic and global markets trend to highs, we expect to see continued block activity with founder and investor sell downs.”