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Last year, Canva engaged Goldman Sachs and Morgan Stanley to sell US$1.58 billion ($2.46 billion) in shares via a secondary sale. Now, a bit more than a year on, it is selling shares again. But two sources familiar with the matter told Capital Brief it would not engage any external advisers this time.

The move to handle the deal internally follows the company hiring Kelly Steckelberg as chief financial officer in November last year. Steckelberg had previously taken Zoom public in 2019.

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Market movers

• Shares in Viva Energy rose over 4% after E&P Capital upgraded its rating, citing improved balance sheet strength and upside risk from Middle East conflict.

The quick sync

• As David Fischl writes, AI is shaking up legal careers from the bottom up and those slow to adapt risk falling behind. (Capital Brief)

• Ashurst, Allens and Herbert Smith Freehills Kramer are testing agentic AI to tackle complex legal work, betting on a step-change in efficiency and accuracy. (Capital Brief)

• La Trobe’s IPO is the latest play in private credit’s $1b run on the ASX, as funds rush to replace hybrids and lock in yield-hungry investors.(Capital Brief)

• ABC dangles 3% pay rise to head off strikes as union unrest brews after job cuts and restructuring. (Capital Brief)

Trading floor

M&A

• Spark NZ sells Hutchison Australia stake in non-core asset move. (Capital Brief)

• Lendlease to sell Keyton stake, with Scape potentially interested and APG possibly backing a bid amid broader sector activity. (The Australian)

• PointsBet sees strong backing for MIXI deal despite Betr’s bid. (Capital Brief)

• Kinterra launches $200m bid for New World Resources. (AFR)

• Smartpay board backs $274m takeover by Shift4. (Capital Brief)

• AGL to sell Tilt Renewables stake, but timing may deter buyers. (The Australian)

• Shaws enters NZ with $62m ISG deal, adds $6.5b FUM. (AFR)

• Reject Shop shareholders approve $259m Dollarama takeover. (Capital Brief)

• Spectris dumps KKR for US$5.9b Advent deal, setting the pace in a battered London market. (Reuters)

Capital Markets

• JB Hi-Fi’s The Good Guys pays $14m to settle false credit case. (Capital Brief)

• Metcash posts 10.1% profit rise to $283m, driven by one-off gains. (Capital Brief)

• Firmus raises $280m pre-IPO for Tasmanian AI hub, eyes 2026 ASX float. (AFR)

• MA1 halts trading ahead of planned equity raise. (Capital Brief)

• Metcash urges crackdown on crime as tobacco sales plunge $1.3b. (AFR)

• Downer refinances $1b in sustainability loans, adds $400m bridge. (Capital Brief)

• ACCC urges new regulations to curb digital platform harms. (Capital Brief)

• JPMorgan says Virgin IPO is “priced to fly” ahead of ASX return. (AFR)

• Virgin and Greatland lead $1bn ASX IPO wave, but market risks linger. (The Australian)

• UBS cuts ANZ to ‘sell’ on dividend fears trims price target. (AFR)

• Iron ore miners drop after Morgans downgrade and price cut. (Capital Brief)

• New Murchison Gold launches equity raise after share surge. (AFR)

• Fitch warns of rising mortgage stress despite rate cuts. (Capital Brief)

• ABC offers 3% pay rise if unions pause strikes for a year. (Capital Brief)

• Network Ten puts news on Spotify and YouTube to boost struggling ratings. (AFR)

• Ashurst, Herbert Smith Freehills Kramer and Allens trial agentic AI to tackle complex legal work. (Capital Brief)

• La Trobe IPO boosts private credit floats past $1b in 2024 and potentially paves the way for more listings. (Capital Brief)

VC

• Canva ditches Wall Street banks to run a US$500m staff share sale itself, raising eyebrows ahead of a long-awaited IPO. (Capital Brief)

People moves

• With News Corp shares surging, Robert Thomson’s $42m reappointment as CEO locks in the architect of a publishing empire’s unlikely digital comeback. (Capital Brief)

• BlackRock’s Sydney-based renewables infrastructure head, Charlie Reid, has resigned, marking the departure of a key figure in its renewable power division (AFR)

• RBA’s Marnie Baker joins FinTech Australia board. (Startup Daily)

The watercooler