- 271 PIPEs worth $10.4 billion were announced or complete in the second quarter.
- The number of unregistered PIPEs totaled 177 worth $5.15 billion, versus 161 worth $5.66 billion a year ago.
- Registered direct offerings totaled 94 deals worth $5.27 billion in the quarter, compared with 111 worth $8.53 billion in the second quarter of 2013. Of the registered direct offerings, 25 were confidentially marketed public offerings (CMPOs) that raised a total of $470 million. That's compared with 24 CMPOs that raised about $700 million a year earlier.
- Healthcare remained the most active industry in the PIPE market, with 88 deals worth $1.26 billion, compared with 87 PIPEs worth $1.24 billion, a year ago. Energy was the second-most active industry in the recent quarter, with 36 deals worth $3.57 billion, followed by technology, with 31 PIPEs worth $1.45 billion.
- In contrast with the weak PIPE market, IPOs were strong with 84 deals worth $23.6 billion, compared with 61 deals worth $14.9 billion, a year ago. It was the third consecutive quarter of at least 72 IPOs.
- The number of follow-on offerings also increased 18.1% to 215 worth $58 billion from 182 worth $49.2 million.
The Deal Reports PIPE Market Shrinks In Second Quarter
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