Companies don't think like that. They'd rather get guaranteed...

Companies don't think like that. They'd rather get guaranteed money and quickly. And with less disclosure (and legal/IR prep oversight) and a lot less paperwork.

An underwritten insto bookbuild can be done in 24 hours (48 max).

They don't have to wait a month, worry about the share price, take-up rates, underwriting (rights issue underwriting less appealing than placement) etc.

At best a company will do a placement and then follow it up with a SPP to 'keep the masses happy'... I feel even rights issues are becoming less common.