• GMP top Canadian market PIPE agent for month, year to date
By Stephanie N. Rotondo
Phoenix, Feb. 28 - U.S. and Canadian PIPE issuance remained below year-ago comparables, according to data compiled by Prospect News.
Year to date, U.S. issuers raised $1.31 billion from 104 PIPE transactions. That compared to $4.81 billion raised via 138 deals the year before.
In February, total issuance was $720 million from 55 deals, versus $4.19 billion from 85 offerings in 2012.
However, U.S. direct placements did see an uptick in total proceeds raised. Registered direct offerings brought in $743 million via 11 deals, which compared to $446 million from 22 sales in the previous year.
In Canada, total proceeds raised since the beginning of the year was C$461 million via 99 transactions. By this same time in 2012, 191 deals had been done for proceeds of C$1.27 billion.
For the month, Canadian issuers raised C$270 million from 51 private placements, versus C$805 million raised from 121 deals the year before.
Lambert Private Equity was the top U.S. placement agent year to date. The firm facilitated a $100 million standby equity distribution agreement for Omega Commercial Finance Corp. Lambert was also number one for the month of February.
In direct placements, RS Platou won the top spot, having facilitated four transactions that brought in $280 million.
Among Canadian firms, GMP was the winner, both year to date and for the month. For the year, the agent has done two deals that raised C$38 million. One of those deals was done in February, a sale of common share units for CGX Energy Inc., which brought in C$35 million.
U.S. market, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lambert Private Equity | 0.100 | 1 | 7.65% |
|
2 | Euro Pacific | 0.045 | 1 | 3.44% |
|
3 | Stifel Nicolaus | 0.025 | 1 | 1.91% | 3 | 0.037 | 2 | 0.77%
|
3 | Wedbush | 0.025 | 1 | 1.91% |
|
5 | Compass Point Research & Trading | 0.020 | 1 | 1.53% |
|
5 | Wunderlich | 0.020 | 1 | 1.53% |
|
7 | Needham | 0.015 | 1 | 1.12% |
|
8 | Hovde | 0.014 | 1 | 1.08% |
|
9 | Palladium | 0.013 | 2 | 1.02% | 22 | 0.004 | 2 | 0.08%
|
10 | GVC Capital | 0.012 | 1 | 0.92% |
|
| Total | 1.308 | 104 | 4.811 | 138 |
|
| Average size: | 0.013 | 0.035 |
|
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U.S. market, February |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lambert Private Equity | 0.100 | 1 | 13.90% |
|
2 | Euro Pacific | 0.045 | 1 | 6.25% |
|
3 | Stifel Nicolaus | 0.025 | 1 | 3.47% | 3 | 0.037 | 2 | 0.88%
|
4 | Needham | 0.015 | 1 | 2.04% |
|
5 | RainMaker | 0.010 | 1 | 1.39% |
|
6 | Roth | 0.009 | 1 | 1.28% | 11 | 0.015 | 1 | 0.36%
|
7 | Ladenburg Thalmann | 0.005 | 3 | 0.74% |
|
8 | Deer Valley Management | 0.005 | 1 | 0.69% |
|
9 | Palladium | 0.004 | 1 | 0.56% | 18 | 0.004 | 2 | 0.10%
|
10 | Brean Capital | 0.003 | 1 | 0.47% |
|
| Total | 0.720 | 55 | 4.195 | 85 |
|
| Average size: | 0.013 | 0.049 |
|
|
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U.S. direct placements, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | RS Platou | 0.280 | 4 | 37.71% |
|
2 | S. Goldman | 0.050 | 3 | 6.76% |
|
3 | Dawson James | 0.015 | 1 | 2.02% |
|
4 | Roth | 0.014 | 2 | 1.92% |
|
5 | Burrill | 0.005 | 1 | 0.74% |
|
| Total | 0.743 | 11 | 0.446 | 22 |
|
| Average size: | 0.068 | 0.020 |
|
|
|
Canadian market, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | GMP | 0.038 | 2 | 8.17% | 9 | 0.029 | 2 | 2.24%
|
2 | Canaccord | 0.035 | 3 | 7.55% | 22 | 0.008 | 5 | 0.63%
|
3 | Dundee | 0.015 | 1 | 3.26% | 3 | 0.098 | 6 | 7.71%
|
3 | Euro Pacific | 0.015 | 1 | 3.26% |
|
5 | Raymond James | 0.010 | 4 | 2.20% | 8 | 0.038 | 2 | 2.99%
|
6 | Cormark | 0.010 | 4 | 2.14% | 4 | 0.076 | 4 | 5.94%
|
7 | IBK Capital | 0.007 | 1 | 1.56% |
|
8 | Macquarie | 0.005 | 1 | 1.09% | 12 | 0.019 | 3 | 1.51%
|
9 | PI Financial | 0.003 | 1 | 0.61% |
|
10 | Jennings | 0.003 | 1 | 0.57% | 16 | 0.012 | 3 | 0.91%
|
| Total | 0.461 | 99 | 1.275 | 191 |
|
| Average size: | 0.005 | 0.007 |
|
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|
Canadian market, February |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | GMP | 0.035 | 1 | 12.98% | 8 | 0.029 | 2 | 3.54%
|
2 | Dundee | 0.015 | 1 | 5.56% | 3 | 0.087 | 5 | 10.78%
|
2 | Euro Pacific | 0.015 | 1 | 5.56% |
|
3 | IBK Capital | 0.007 | 1 | 2.67% |
|
5 | Macquarie | 0.005 | 1 | 1.85% | 14 | 0.014 | 1 | 1.71%
|
6 | Raymond James | 0.004 | 2 | 1.48% | 7 | 0.038 | 2 | 4.73%
|
7 | Cormark | 0.003 | 1 | 1.04% | 4 | 0.076 | 4 | 9.40%
|
7 | PI Financial | 0.003 | 1 | 1.04% |
|
9 | Canaccord | 0.002 | 1 | 0.56% | 20 | 0.007 | 4 | 0.87%
|
10 | MGI | 0.001 | 2 | 0.37% |
|
| Total | 0.270 | 51 | 0.805 | 121 |
|
| Average size: | 0.005 | 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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