Overview
Equity Capital Markets
We advise on all aspects of capital raising, from listed placements and entitlement offers to convertible notes and hybrid securities. We act for companies, boards and promoters navigating the dynamic equity capital markets in Australia.
Capital raising is not just a regulatory exercise. It is a strategic milestone. We focus on structuring the deal effectively, minimising risk, and executing swiftly within the market window.
We work collaboratively with brokers, underwriters, investor relations teams and corporate advisers to ensure the transaction runs smoothly and meets the expectations of both regulators and stakeholders.
What we do
Our services.
Placements and accelerated offers
Institutional and sophisticated investor placements, including accelerated and dual-track offers.
Rights issues and entitlement offers
Traditional, non-renounceable and renounceable rights issues, balancing disclosure obligations with strategic investor engagement.
Share purchase plans
SPPs to complement institutional raisings and provide access to retail shareholders in a compliant, efficient manner.
Convertible notes and hybrid instruments
Complex fundraising instruments that align investor incentives with commercial objectives.
Debt and hybrid raisings
Standalone debt instruments, secured notes and other structured securities, ensuring both commercial viability and regulatory compliance.
Recapitalisations
Turnaround strategies involving complex restructures, recapitalisations and equity-linked funding solutions.
Why Luma
Technical precision, commercial focus.
We bring deep capital markets experience but, more importantly, focus and commercial acumen. We simplify complexity, act quickly, and help your team stay in control of the timeline.
Experience
Recent work includes advising listed companies on placements, rights issues, share purchase plans and entitlement offers, including underwritten and best-endeavours raisings.
Advised on convertible notes, SAFE-style instruments and section 708 capital raisings without disclosure documents for growth-stage and pre-IPO companies.
FAQs
Common questions.
A placement offers new shares to selected investors. A rights issue offers new shares to existing shareholders in proportion to their holdings.
Convertible notes can be useful for early-stage funding or bridging capital rounds, offering debt that can convert into equity at a future date (usually with a discount or valuation cap).
Depending on the transaction, you will typically require a placement agreement or underwriting agreement, investor offers, shareholder approvals (if required), cleansing notices, and any necessary ASX or ASIC filings.
You must ensure investors receive all material information relevant to their investment decision, in compliance with the Corporations Act and ASX Listing Rules.
These rules limit the amount of equity you can issue without shareholder approval. The general cap is 15% under Listing Rule 7.1, with an additional 10% available under 7.1A for eligible companies. It is important that any issues of securities under the additional 10% capacity under Listing Rule 7.1A must be for cash consideration. As such, securities being issued as consideration for the acquisition of an asset or as payment of a fee cannot be issued under Listing Rule 7.1A.
They assist in marketing the raise and securing investor commitments. Underwriters may also guarantee to subscribe for any shortfall in a capital raising.
Related insights
Our recent thinking on capital markets.
Capital Markets
Exploring Capital Raising Options for Private Companies in Australia
A practical guide to capital raising options for private companies in Australia, including equity, debt, government grants and crowdfunding.
March 2026 · 6 min read
Capital Markets
How to Navigate ASX Listing Rule 7.1 and 7.1A Placements
A practical legal guide to ASX Listing Rule 7.1 and 7.1A capacity, how it works, who qualifies, and common mistakes to avoid.
February 2026 · 6 min read
Capital Markets
Raising Capital Under Section 708: What You Need to Know
A practical guide to section 708 of the Corporations Act and how Australian companies can raise capital without a full disclosure document.
February 2026 · 5 min read
Related expertise
Other areas we work in.
Capital markets
ASX Listings
We guide companies through ASX listings by IPO, reverse takeover or cross-listing, with lean execution that keeps your team focused on the business.
Transactions
M&A
End-to-end legal support for public and private M&A, from term sheet to completion.
Sector
Mining & Resources
Specialist legal advice for explorers, developers, producers and investors, from tenement to listing.
Let's talk.
Whether you are navigating a major transaction or refining how your business operates, we provide legal advice that is timely, strategic and grounded in commercial reality.