- The number of PIPE deals rose by 16.9% in the third quarter to 276 worth a total of $10.9 billion from 236 deals worth $12 billion, a year earlier. It was the second quarter in a row that the number of PIPEs rose.
- The number of unregistered PIPEs rose 16.7% to 182 deals worth $3.69 billion from 156 worth $7.07 billion, a year earlier.
- The market for registered private placements expanded by 17.5% to 94 transactions worth $7.17 billion, from 80 deals worth $4.94 billion. That includes 27 confidentially marketed public offerings worth $1.1 billion, compared with 17 CMPOs in the year-earlier quarter worth $780 million.
- Common stock was the security issued in 158 of the recent quarter's PIPE transactions worth a total of $3.67 billion. That compares with 122 worth $6.93 billion a year ago.
- Convertible debt was issued in 34 of the recent quarter's PIPEs worth $322.5 million, compared with 29 worth $374.2 million. Convertible preferred stock was issued in 22 PIPEs worth $588.1 million in the recent quarter, up from 18 worth $617.8 million.
- At-the-market offering facilities were provided to companies in 37 transactions worth up to $5.68 billion, compared with 31 deals worth up to $3.64 billion.
- The number of equity-line transactions totaled 14 deals worth as much as $503 million, down from 19 worth $255.2 million.
- At least 10 PIPEs during the quarter raised at least $100 million. That does not include at-the-market offering facilities and equity lines, which the companies might not fully draw down. Another 14 PIPEs raised more than $50 million.
- The third quarter's deals raised an average of $39.3 million each, down from $50.9 million, a year earlier.
The Deal Reports Small-Cap Equity Financing Market Surges; PIPEs, IPOs, Follow-Ons Make Double Digit Gains In Q3
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