The ECM league tables are out.
Sidley and G+T led on value. Hamilton Locke led on count.
Here’s how the FY2025 equity tables unfolded.
Sidley & G+T lead on value
Gilbert + Tobin finished FY2025 ranked #2 by value overall but #1 among Australian-headquartered firms, advising issuers on A$2.21bn of equity and rights offerings in Aus/NZ.
That delivered a 20.1% market share by value, up from 15.6% last year.
Sidley Austin technically topped the table on A$2.62bn and a 23.7% share. But among the domestic players, G+T set the pace.
King & Wood Mallesons followed with A$1.36bn, while Hamilton Locke placed fourth on A$1.00bn.
HSF Kramer, which held a commanding 42.6% share last year, dropped sharply to ninth, with A$263m and just 2.38% market share. One of the biggest swings on the board.
Total equity and rights volume across Australia and New Zealand reached A$11.03bn in FY2025, spread across 146 deals.
Deal Value
‘25 Rank | Issuer Adviser | Value (A$m)* | Mkt Share | Mkt Share Chg |
|---|---|---|---|---|
1 | Sidley Austin | 2,618 | 23.74% | +9.70% |
2 | Gilbert + Tobin | 2,214 | 20.07% | +4.45% |
3 | KWM | 1,359 | 12.33% | +2.96% |
4 | Hamilton Locke | 1,003 | 9.10% | +5.90% |
5 | Highbury Partnership | 696 | 6.31% | +6.31% |
6 | A&O Shearman | 557 | 5.05% | +3.49% |
7 | JWS | 533 | 4.84% | +4.84% |
8 | Baker McKenzie | 275 | 2.49% | +2.14% |
9 | HSF Kramer | 263 | 2.38% | -40.18% |
10 | DLA Piper | 171 | 1.56% | -0.03% |
*USD-AUD exchange rate as at 22 February 2026
Hamilton Locke dominates on deal count
While value was concentrated, volume was decisive.
Hamilton Locke finished FY2025 ranked #1 by deal count, advising on 69 equity and rights offerings. No other firm came close.
Gilbert + Tobin was a distant second on 14 deals. Baker McKenzie followed with 10. HWL Ebsworth recorded eight, while A&O Shearman and KWM logged five each.
Deal Count
‘25 Rank | Issuer Adviser | Deal Count |
|---|---|---|
1 | Hamilton Locke | 69 |
2 | Gilbert + Tobin | 14 |
3 | Baker McKenzie | 10 |
4 | HWLE | 8 |
5 | A&O Shearman | 5 |
5 | KWM | 5 |
7 | Sidley Austin | 4 |
7 | Thomson Geer | 4 |
9 | DLA Piper | 3 |
9 | JWS | 3 |
9 | K&L Gates | 3 |
9 | Steinepreis Paganin | 3 |