PrimaryBid triumphs in retail campaign
Hedge funds have profited handsomely from the boom in equity capital markets, but retail buyers haven’t been completely excluded.
All investors matter.
That was the title of an open letter, posted back in April by app-based retail platform PrimaryBid to the boards and managements of UK companies, then pouring out emergency capital raisings in a desperate effort to re-enforce their balance sheets at the height of the first Covid panic.
Retail investors were being excluded from these, even though they accounted for 20% of secondary turnover in the FTSE All-share index, with anywhere from 60% to 74% of that being buy orders.
Those equity raises typically priced at discounts to already beaten down share prices.