• GMP top placement agent in Canadian PIPE market in January
By Stephanie N. Rotondo
Portland, Ore., Jan. 29 - Issuance in the U.S. PIPEs market ended January slightly behind year-ago levels, while Canadian deals were above comparable 2009 issuance.
For the month, Rodman & Renshaw continued its reign as the top U.S. placement agent. The company raised $30 million in just one deal for Cell Therapeutics Inc. Rodman also topped the direct placement list, bringing six deals for a total of $58 million.
All told, U.S. issuers raised $817 million in 56 private placements during the first month of 2010. That compares to $843 million in 48 deals in 2009.
But direct offerings were well above those in 2009, totaling $165 million in 16 transactions. A total of $62 million in two direct placements was raised in January 2009.
In Canada, GMP took the crown in January. The company facilitated one deal for Westaim Corp., raising C$275 million.
Canadian issuers brought in a total of C$743 million from 72 financings. For the same period of 2009, issuers saw total proceeds of just C$279 million in a mere 30 deals.
Year to date, U.S. market
2009 Comparables
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Rodman & Renshaw | 0.030 | 1 | 3.67% |
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| 2 | Morgan Keegan | 0.017 | 1 | 2.04% |
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| 3 | Ladenburg Thalmann | 0.016 | 2 | 1.91% |
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| 4 | Euro Pacific Capital | 0.012 | 1 | 1.47% |
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| 5 | FT Global | 0.010 | 1 | 1.22% |
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| 6 | Thomas Weisel | 0.007 | 1 | 0.89% |
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| 7 | Gottbetter Capital | 0.002 | 1 | 0.24% |
|
| Total | 0.817 | 56 | 0.843 | 48 |
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| Average size: | 0.015 | 0.018 |
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| Year to date, U.S. direct placements
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| | | | | 2009 Comparables
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| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Rodman & Renshaw | 0.058 | 6 | 34.89% | 2 | 0.017 | 1 | 26.61%
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| 2 | Roth | 0.027 | 3 | 16.38% |
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| 3 | Newbridge | 0.026 | 1 | 15.94% |
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| 4 | RBC | 0.016 | 1 | 9.85% |
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| 5 | Merriman Curhan Ford | 0.014 | 1 | 8.49% |
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| 6 | Canaccord | 0.010 | 2 | 6.26% |
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| 7 | Chardan | 0.005 | 1 | 3.03% |
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| 8 | Wharton Capital | 0.003 | 1 | 1.52% |
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| Total | 0.165 | 16 | 0.062 | 2 |
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| Average size: | 0.010 | 0.031 |
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| Year to date, Canadian market
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| | | | | 2009 Comparables
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| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | GMP | 0.275 | 1 | 37.00% |
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| 2 | BMO | 0.075 | 1 | 10.06% |
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| 3 | Weisel Partners | 0.140 | 2 | 1.86% |
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| 4 | Macquarie | 0.010 | 1 | 1.41% | 2 | 0.061 | 1 | 22.03%
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| 5 | Fraser Mackenzie | 0.009 | 1 | 1.21% |
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| 6 | PI Financial | 0.005 | 1 | 0.67% |
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| 7 | Casimir | 0.004 | 1 | 0.61% |
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| 8 | Comark | 0.004 | 1 | 0.61% |
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| 9 | M Partners | 0.00 | 1 | 0.61% |
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| 10 | Byron Capital | 0.00 | 2 | 0.54% |
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| Total | 0.743 | 72 | 0.279 | 30 |
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| Average size: | 0.010 | 0.009 |
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| Prospect News PIPE Agent Rankings
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Criteria
• The tables include all dollar-denominated offerings (or Canadian dollar-denominated offerings for the Canadian tables) sold as private placements, excluding Rule 144A deals, or direct placements.
• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets (U.S. issues).
• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.
• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).
• Each tranche is counted as a separate deal.
• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.
• Minimum issue size $1 million (all tranches combined) or C$1 million.
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