Lampert reigns as year's top U.S. PIPE agent; Bayridge takes first for April

• Dundee wins top spot in Canada

By Stephanie N. Rotondo

Phoenix, April 30 - U.S. PIPE issuance was yet again below year-ago comparables, but Canadian issuance was outpacing, at least in terms of dollars raised.

Year to date in the United States, issuers have raised $5.5 billion via 224 PIPE transactions, according to data compiled by Prospect News. Of that amount, $787 million was raised in April from a total of 51 deals. That compares to 2012's year-to-date issuance of $659 billion from 280 private institutional placements and $923 million via 93 deals in April.

Registered direct placements, however, were beating 2012 figures. Thus far in 2013, $806 million has been raised from 24 direct placements, versus $528 million raised from 37 sales in 2012.

In Canada, year-to-date issuance totaled C$2.29 billion from 225 transactions. For April, total issuance was C$642 million via 63 offerings. In 2012, year-to-date issuance was C$2.17 billion via 336 deals and C$366 million via 70 deals in April.

For the year, the top U.S. placement agent was Lampert Private Equity, which facilitated a $100 million equity distribution agreement for Omega Commercial Finance Corp. Bayridge won the top spot for April with its $20 million placement of common stock for Identive Group Inc.

RS Platou held on as the top registered direct agent, having led four deals that generated proceeds of $280 million.

The number one Canadian agent for the year and the month of April was Dundee. Year to date, the firm has raised C$237 million via three PIPE transactions. Of those, C$221 million was taken in in April from two separate transactions.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lambert Private Equity	0.100	1	1.82%
2	B. Riley	0.053	1	0.97%
3	Euro Pacific	0.045	1	0.82%
3	Keefe Bruyette & Woods	0.045	2	0.82%	9	0.026	1	0.40%
5	Dawson James	0.039	6	0.72%	35	0.007	1	0.10%
6	Leerink Swann	0.035	1	0.64%
7	Cantor Fitzgerald	0.025	1	0.45%	3	0.037	2	0.57%
7	Stifel Nicolaus	0.025	1	0.45%	4	0.037	2	0.56%
7	Wedbush	0.025	1	0.45%
10	Bayridge	0.020	1	0.36%
	Total	5.502	224	6.588	280
	Average size:	0.025	0.024
U.S. market, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bayridge	0.020	1	2.54%
2	Network 1 Financial	0.005	1	0.64%
3	Merriman	0.005	1	0.64%
4	GVC	0.003	2	0.44%
5	Laidlaw	0.003	1	0.38%
6	Dawson James	0.003	1	0.32%
6	Geller Biopharm	0.003	1	0.32%
8	Taglich Brothers	0.001	1	0.15%
	Total	0.787	51	0.923	67
	Average size:	0.015	0.014
U.S. direct placements, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.280	4	34.77%	5	0.013	1	2.56%
2	S. Goldman	0.050	3	6.23%
3	Roth	0.026	6	3.25%	7	0.012	3	2.32%
4	Burrill	0.016	2	2.02%
5	Dawson James	0.015	1	1.86%
6	H.C. Wainwright	0.013	2	1.63%
7	Chardan	0.006	1	0.80%	9	0.006	1	1.09%
7	Newbridge	0.006	1	0.80%
9	Ladenburg Thalmann	0.006	2	0.77%	3	0.028	4	5.31%
10	C. K. Cooper	0.002	2	0.25%
	Total	0.806	24	0.528	37
	Average size:	0.034	0.014
Canadian market, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Dundee	0.237	3	10.37%	2	0.098	6	4.53%
2	Canaccord	0.098	5	4.27%	7	0.044	10	2.02%
3	Peters	0.094	2	4.12%	9	0.041	2	1.87%
4	GMP	0.079	5	3.47%	5	0.053	3	2.46%
5	National Bank Financial	0.051	4	2.20%	15	0.022	6	1.00%
6	Casimir	0.027	5	1.19%	8	0.042	6	1.95%
7	Cormark	0.025	8	1.09%	1	0.103	7	4.76%
8	M Partners	0.023	4	1.02%	35	0.006	3	0.26%
9	Raymond James	0.019	7	0.83%	11	0.038	2	1.75%
10	Euro Pacific	0.017	2	0.74%	33	0.006	4	0.29%
	Total	2.289	225	2.172	336
	Average size:	0.010	0.006
Canadian market, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Dundee	0.221	2	34.37%
2	Canaccord	0.063	2	9.80%	9	0.006	2	1.52%
3	M Partners	0.017	2	2.69%
4	Cormark	0.015	4	2.35%	2	0.013	2	3.46%
5	GMP	0.015	2	2.30%	1	0.025	1	6.83%
6	TD	0.011	1	1.76%	8	0.009	1	2.38%
7	Casimir	0.011	3	1.64%
8	Raymond James	0.004	2	0.64%
9	Salman Partners	0.004	2	0.64%	16	0.001	2	0.24%
10	IBK Capital	0.003	2	0.47%
	Total	0.642	63	0.366	70
	Average size:	0.010	0.005
Prospect News PIPE Agent Rankings

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.