Equity Overflowing

In the absence of the bank market, the equity markets have become the go to source of capital for companies of all sizes. Although dilutive, getting the cash with the added benefit of deleveraging the balance sheet is a great combination in these times.

The equity markets have been busy with a multitude of follow-on offerings announced this week. While we welcome this replacement capital, we wonder whether it has become too accessible and indiscriminant. In our awards issue last year, we likened the follow-on to a credit card. But that isn’t exactly true. There is no credit application

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