• Rodman & Renshaw top agent for U.S. direct placements for January
• Haywood top facilitator of PIPE issuance in Canada for January
• U.S., Canada PIPE issuance below year-ago comparables
By Stephanie N. Rotondo
Portland, Ore., Jan. 31 - PIPE issuance was down in the first month of 2012 in both the United States and Canada, according to data compiled by Prospect News.
In January, U.S. issuers raised $627 million via 39 PIPE transactions. That compared to $1.18 billion raised in 58 deals in January 2011.
Registered direct offerings were also lagging. A total of $109 million was taken in from eight placements, versus $183 million raised in 17 sales the year before.
In Canada, total issuance was C$421 million from 61 transactions. The year before, issuance was C$698 million via 96 private offerings.
MLV took the top spot as U.S. PIPE agent, raising $34 million in two deals. Rodman & Renshaw was the winning direct placement agent, with its $30 million registered direct offering of common stock for Hyperdynamics Corp.
The top Canadian agent was Haywood, which brought in proceeds of C$35 million for Midas Gold Corp. The issuer sold special warrants that are convertible into common shares.
U.S. market, year to date
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | MLV | 0.034 | 2 | 5.36% |
|
| 2 | Pure Path | 0.012 | 1 | 1.91% |
|
| 3 | Chardan | 0.003 | 1 | 0.41% |
|
| 4 | Dawson James | 0.003 | 1 | 0.40% |
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| 5 | Global Hunter | 0.002 | 1 | 0.35% |
|
| 6 | Radnor Research | 0.002 | 1 | 0.33% |
|
| 7 | Aegis Capital | 0.002 | 1 | 0.28% |
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| Total | 0.627 | 39 | 1.175 | 58 |
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| Average size: | 0.016 | 0.020 |
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| U.S. direct placements, year to date |
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| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Rodman & Renshaw | 0.030 | 1 | 27.53% | 1 | 0.071 | 5 | 38.55%
|
| 2 | Lazard Capital Markets | 0.025 | 1 | 23.33% |
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| 3 | Ladenburg Thalmann | 0.013 | 2 | 11.73% |
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| 4 | Chardan | 0.006 | 1 | 5.29% | 5 | 0.017 | 3 | 9.34%
|
| Total | 0.109 | 8 | 0.183 | 17 |
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| Average size: | 0.014 | 0.011 |
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| Canadian market, year to date |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Haywood | 0.035 | 1 | 8.36% | 8 | 0.020 | 2 | 2.85%
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| 2 | Salman Partners | 0.023 | 1 | 5.50% |
|
| 3 | IBK | 0.006 | 1 | 1.43% |
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| 4 | Sprott Resource | 0.005 | 1 | 1.19% |
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| 5 | Industrial Alliance | 0.004 | 1 | 0.95% |
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| 6 | Dundee | 0.003 | 1 | 0.79% | 4 | 0.053 | 6 | 7.75%
|
| 6 | PowerOne | 0.003 | 1 | 0.79% |
|
| 6 | Clarus | 0.003 | 1 | 0.79% |
|
| 9 | Euro Pacific Canada | 0.003 | 1 | 0.71% |
|
| 10 | Haywood Securities | 0.003 | 1 | 0.59% |
|
| Total | 0.421 | 61 | 0.689 | 96 |
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| Average size: | 0.007 | 0.007 |
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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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