- This was the most active first quarter for PIPEs since 2007 – before the financial crisis and Great Recession – when 391 PIPEs raised $12.3 billion.
- The number of unregistered PIPEs increased by 58% to 226 deals worth $6.35 billion from 143 worth $2.78 billion, a year ago.
- Registered direct offerings increased by 19.2% to 118 worth $7.89 billion from 99 worth $7.5 billion. Of those, 42 were confidentially marketed public offerings (CMPOs) that raised $1.8 billion. That compared with 28 CMPOs that raised $1.07 billion in the first quarter of 2013.
- 35 PIPEs raised at least $100 million, including the largest deal by coffee maker producer Keurig Green Mountain Inc. The company, with a market capitalization of $15.4 billion, raised $1.25 billion in a PIPE to fund a stock-repurchase program.
- 35 (ATMs) raised $5.07 billion, down from 40 ATMs raising $5.42 billion, a year ago.
- Equity-line PIPEs totaled 20 deals worth up to $230.3 million, compared with 12 worth up to $239.7 million.
- Roth Capital Partners LLC was the most active PIPE placement agent during the quarter, followed by Cowen & Co., Maxim Group LLC, H.C. Wainwright Co. and Piper Jaffray & Co.
The Deal Reports PIPE Market Surges 42% In First Quarter
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