JMP, RCS remain top U.S. PIPE placement agents year to date

• Canaccord top PIPE agent for Canadian deals year to date

• U.S. PIPE issuers raise more dollars from fewer deals

By Stephanie N. Rotondo

Phoenix, Sept. 30 - JMP and RCS swept the top positions for the year to date, quarter and month, among placement agents for U.S. PIPE deals, according to data compiled by Prospect News.

For the year, the agents raised $691 million each via four private equity placements. That accounted for 5.28% of the market share year to date.

In the third quarter, JMP and RCS raised $241 million for two issuers. Both of those deals occurred in September, giving the first position to those agents as well.

Total issuance was a mixed bag when looking over the year, quarter and month. For the year, total issuance in terms of dollars raised was higher at $13.07 billion, compared to $12.4 billion the year before. But in terms of the number of deals, issuance was lower, with just 538 deals occurring so far this year, versus 622 done by this time in 2012.

Issuance in the third quarter was down a touch year over year. Issuers took in $3.09 billion via 172 transactions during the period in 2013, which compared to $3.54 billion raised from 200 private financings in 2012.

And, for September, dollars raised outpaced year-ago comparables, but issuers did it in fewer deals.

A total of $1.26 billion was raised from 40 offerings. By comparison, the same month in 2012 saw $815 million raised via 61 transactions.

As for registered direct offerings, RS Platou maintained its number one position, having facilitated six direct placements that brought in $365 million, of 27.37% of the year's market share.

Total yearly issuance among direct placements was $1.34 billion via 62 sales, versus $1.32 billion from 69 sales the year before.

In the Canadian PIPEs market, Canaccord held on to the top spot for the year, but Cormark took honors for the quarter and Clarus for the month.

Canaccord placed C$159 million via 11 deals so far this year, making up 3.72% of market share.

For its part, Cormark raised C$30 million from three equity offerings during the third quarter, while Clarus generated proceeds of C$15 million via an offering of subscription receipts convertible into units of one common share and one warrant for ZipLocal Inc.

All told, Canadian issuers raised fewer dollars year to date than they did in 2012. Total issuance was C$4.28 billion from 470 transactions for the year, which compared to C$4.76 billion raised from 753 transactions in 2012.

The quarter, however, saw an uptick of issuance, as C$1.28 billion was taken in from 149 PIPE deals. That compared to C$1.15 billion raised from 222 deals the previous year.

Issuance for September was down from year-ago comparables, though narrowly so. Issuers brought in C$361 million from 44 offerings during the month, versus C$374 million from 90 deals previously.

U.S. market, year to date

2012 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.691	4	5.28%	8	0.073	5	0.59%
1	RCS	0.691	4	5.28%
3	Ladenburg Thalmann	0.137	9	1.05%	32	0.019	2	0.15%
4	MTS	0.113	3	0.86%
5	Lambert Private Equity	0.100	1	0.76%
6	Arctic	0.056	1	0.43%
7	Fearnley	0.056	1	0.43%
7	Pareto	0.056	1	0.43%
7	Dawson James	0.055	10	0.42%	62	0.007	1	0.05%
10	B. Riley	0.053	1	0.41%
	Total	13.074	538	12.398	622
	Average size:	0.024	0.020
U.S. market, third quarter
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.241	2	7.77%	6	0.027	1	0.76%
1	RCS	0.241	2	7.77%
3	MTS	0.096	2	3.12%
4	Ladenburg Thalmann	0.083	3	2.68%
5	Pareto	0.056	1	1.81%
6	Fearnley	0.056	1	1.81%
7	Arctic	0.056	1	1.81%
8	Bank of America	0.044	1	1.42%
9	Piper Jaffray	0.039	1	1.26%
10	Macquarie	0.035	1	1.13%
	Total	3.095	172	3.536	200
	Average size:	0.018	0.018
U.S. market, September
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.241	2	19.18%
1	RCS	0.241	2	19.18%
3	MTS	0.096	2	7.69%
4	Cowen	0.025	1	1.99%
5	Broadridge	0.019	1	1.51%
6	T.R. Winston	0.015	2	1.20%
7	Craig-Hallum	0.011	1	0.88%
8	H.C. Wainwright	0.006	1	0.46%
9	MLV	0.003	1	0.25%
10	GVC	0.003	1	0.23%
	Total	1.255	40	0.815	61
	Average size:	0.031	0.013
U.S. direct placements, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.365	6	27.23%	8	0.013	1	1.02%
2	Roth	0.114	9	8.52%	4	0.029	8	2.17%
3	S. Goldman	0.075	4	5.61%
4	H.C. Wainwright	0.052	7	3.87%
5	Dawson James	0.034	3	2.50%
6	JMP	0.030	1	2.24%
7	FT Global	0.026	1	1.97%
8	Burrill	0.023	3	1.74%
9	Avondale	0.015	1	1.10%
10	Chardan	0.013	3	0.96%	11	0.011	2	0.86%
	Total	1.341	62	1.324	69
	Average size:	0.022	0.019
Canadian market, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.159	11	3.72%	1	0.195	27	4.10%
2	GMP	0.106	7	2.49%	5	0.084	7	1.76%
3	Peters	0.097	3	2.28%	15	0.042	3	0.89%
4	Cormark	0.096	13	2.24%	3	0.156	14	3.27%
5	Dundee	0.059	7	1.38%	2	0.159	18	3.34%
6	National Bank Financial	0.050	4	1.18%	14	0.043	12	0.91%
7	Scotia	0.045	2	1.06%	16	0.035	4	0.74%
8	TD	0.045	2	1.04%	18	0.032	4	0.67%
9	RBC	0.042	3	0.97%	4	0.085	7	1.78%
10	BMO	0.041	2	0.96%	12	0.052	3	1.08%
	Total	4.276	470	4.755	753
	Average size:	0.009	0.006
Canadian market, third quarter
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.030	3	2.32%	10	0.012	3	1.04%
2	Clarus	0.025	2	1.97%	38	0.000	1	0.03%
3	Macquarie	0.018	3	1.41%
4	Canaccord	0.013	3	1.04%	3	0.026	8	2.26%
5	Cantor Fitzgerald	0.011	1	0.83%
6	Secutor Capital Management	0.008	1	0.61%
7	Secutor	0.007	4	0.55%
8	Integral Wealth	0.006	2	0.51%
9	Beacon	0.006	1	0.48%
10	Dundee	0.006	2	0.47%	5	0.021	4	1.83%
	Total	1.278	149	1.149	222
	Average size:	0.009	0.005
Canadian market, September
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Clarus	0.015	1	4.15%	19	0.000	1	0.10%
2	Secutor	0.007	4	1.94%
3	Canaccord	0.006	1	1.66%	2	0.026	8	6.94%
4	Tempest Capital	0.003	1	0.83%
5	Dundee	0.003	1	0.81%
6	Sprott Private Wealth	0.003	1	0.81%
7	Raymond James	0.003	1	0.80%
8	Bloom Burton	0.002	1	0.55%
9	Jacob	0.002	1	0.55%
10	Industrial Alliance	0.002	2	0.42%	16	0.001	2	0.27%
	Total	0.361	44	0.374	90
	Average size:	0.008	0.004
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.

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