All depends upon how many shares are going to be offered in addition to existing shares, at what cost and to who.
Capital raises tend to dilute the share price lower because there are more shares available and offered at reduced prices.
Just look at the latest capital raise with Goodman Group, prior to the announcement Goodman Group had already lined up corporate buyers resulting in a number of new shares (in this case millions) being issued to corporate buyers at price significantly lower than what the share price was at the time of the announcement.
The result, a large number of new share holders which diluted the ASX share price with a significant reduction (outside of the impact of the Trump tariff chaos).
Good outcome for Goodman Group long term though, as it was able to capital raise over $4 billion to enable the expansion of building data centres internationally and locally.
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