U.S. PIPE issuance remains strong; Rodman & Renshaw takes award for top agent for year, month

Scotia holds on as top Canadian agent

By Stephanie N. Rotondo

Seattle, May 31 – U.S. PIPE issuance for the year to date came in above year-ago figures, according to data compiled by Prospect News.

However, monthly totals, as well as year-to-date levels for registered direct and small-cap offerings, waned.

For the year thus far, U.S. issuers have raised $9.59 billion from 249 private institutional equity placements. That compares to $7.04 billion taken in from 297 deals the year before.

In May, a total of $1.15 billion was raised from 50 deals. May 2015 saw 67 deals get done for proceeds of $3.65 billion.

In direct placements, issuers have raised $261 million from 29 registered direct offerings, down from the $975 million raised from 35 offerings the previous year.

And in small caps, $3.18 billion was generated from 137 deals. By comparison, $6.97 billion was brought in from 221 deals for the same period of 2015.

As for the Canadian PIPE market, the number of deals done outpaced year-ago comparables but declined in terms of dollars raised.

Year to date, Canadian issuers raised C$2.34 billion from 290 private equity offerings. In 2015, C$2.63 billion was raised from 231 deals.

For the month, a total of 80 deals were done for proceeds of C$316 million. In the same month of 2015, 61 deals were done, bringing in C$510 million.

Rodman & Renshaw ranked first as both the year and the month’s top placement agent, as well as for the direct placement space. Its monthly win, however, was actually a tie between Rodman, DNB and RBC Capital Markets.

For their part, the latter two also tied for second place for the year.

Rodman has, for the year, placed $62 million via four transactions. Of those, one $50 million deal was done in May, a sale of units for MannKind Corp.

DNB and RBC meantime took second for the year and tied for first for the month for their participation in Teekay Corp.’s $100 million sale of common stock.

For small caps, Raymond James & Associates Inc. was the year’s winner, raising $168 million from eight deals.

Notably, Raymond James was ranked 20th last year, having raised $102 million from four transactions.

In the Canadian space, Scotia remained the top agent for the year, having raised C$239 million from 20 deals. The firm was ranked 29th in 2015.

For the month, the top spot went to Paradigm, which generated C$23 million from three deals.

That firm came in 14th in May 2015.

U.S. market, year to date

2015 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.062	4	0.64%
2	DNB	0.050	1	0.52%
2	RBC	0.050	1	0.52%
4	Hovde	0.045	2	0.47%
5	Craig-Hallum	0.025	3	0.26%
5	BMO	0.025	1	0.26%
5	Raymond James	0.025	1	0.26%
5	Scotia	0.025	1	0.26%
9	William Blair	0.020	1	0.21%	14	0.020	1	0.28%
10	Piper Jaffray	0.017	1	0.18%	14	0.020	1	0.28%
	Total	9.589	249	7.040	297
	Average size:	0.039	0.024
U.S. market, May
					2015 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	DNB	0.050	1	4.34%
1	RBC	0.050	1	4.34%
1	Rodman & Renshaw	0.050	1	4.34%
4	Craig-Hallum	0.023	2	1.98%
5	William Blair	0.020	1	1.74%
6	Piper Jaffray	0.017	1	1.48%
7	Cowen	0.010	1	0.90%
8	Maxim	0.006	2	0.49%
9	H.C. Wainwright	0.005	1	0.43%	6	0.011	2	0.32%
10	Taglich	0.005	2	0.41%
	Total	1.152	50	3.647	67
	Average size:	0.023	0.054
U.S. direct placements, year to date
					2015 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.047	10	17.86%
2	H.C. Wainwright	0.023	3	8.94%	6	0.036	6	3.68%
3	Chardan	0.013	4	5.10%	12	0.006	1	0.62%
4	Roth	0.003	1	1.28%	7	0.021	4	2.10%
5	Maxim	0.003	1	1.15%	8	0.015	3	1.58%
6	Aegis	0.003	1	0.96%
7	Euro Pacific	0.001	1	0.54%
8	Global Securities	0.001	1	0.38%
	Total	0.261	29	0.975	35
	Average size:	0.009	0.028
U.S. public small cap, year to date
					2015 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Raymond James	0.168	8	5.29%	20	0.102	4	1.47%
2	Roth	0.152	16	4.78%	7	0.173	12	2.49%
3	JPMorgan	0.144	3	4.53%	5	0.360	9	5.16%
4	Citigroup	0.141	5	4.44%	6	0.269	7	3.85%
5	Leerink	0.141	4	4.43%	4	0.443	15	6.35%
6	Cowen	0.132	5	4.15%	1	0.602	29	8.64%
7	Sandler O'Neill	0.130	5	4.08%	39	0.042	1	0.61%
8	Jefferies	0.123	4	3.88%	2	0.558	20	8.00%
9	Piper Jaffray	0.123	5	3.86%	3	0.523	19	7.50%
10	UBS	0.115	3	3.61%	27	0.074	3	1.06%
	Total	3.175	137	6.973	221
	Average size:	0.023	0.032
Canadian market, year to date
					2015 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Scotia	0.239	2	10.31%	29	0.004	1	0.14%
2	RBC	0.159	2	6.86%	3	0.100	1	3.80%
3	Peters	0.150	1	6.47%
4	GMP	0.064	6	2.78%	5	0.063	4	2.38%
5	Cormark	0.050	4	2.16%	8	0.046	8	1.73%
6	Clarus	0.040	3	1.73%	6	0.058	1	2.20%
7	Canaccord Genuity	0.040	6	1.73%	7	0.046	4	1.75%
8	Dundee	0.035	6	1.49%	4	0.065	7	2.46%
9	Paradigm	0.030	4	1.30%	19	0.008	3	0.31%
10	BMO	0.029	1	1.24%	9	0.045	2	1.71%
	Total	2.318	290	2.634	231
	Average size:	0.008	0.011
Canadian market, May
					2015 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Paradigm	0.023	3	7.13%	14	0.001	1	0.29%
2	GMP	0.020	3	6.20%	2	0.021	1	4.11%
3	Medalist	0.015	2	4.77%
4	Cormark	0.014	2	4.37%	4	0.011	3	2.12%
5	Raymond James	0.013	2	3.97%
6	AltaCorp	0.010	1	3.16%
7	Dundee	0.009	2	2.91%	3	0.014	2	2.74%
8	RBC	0.009	1	2.85%
9	Scotia	0.009	1	2.85%
10	National Bank Financial 0.009	1	2.79%
	Total	0.316	80	0.510	61
	Average size:	0.004	0.008
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.

• Small cap public deals are registered with the Securities and Exchange Commission, less than $100 million in size and from issuers with a market capitalization immediately before issue. At-the-money agreements are excluded.

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