San Diego, Jan. 8, 2014 (GLOBE NEWSWIRE) -- In 2013, a total of $23.5 billion was raised in 854 transactions in the U.S. PIPE market. Of this amount, 5 transactions totaling $60 million have been announced but not yet closed as of 1/06/13. Commenting on the activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "The market for PIPEs in 2013 got off to a slow start, but a strong third quarter and an even better fourth quarter helped to push deal volume ahead of 2012 totals, making it the first year of deal volume growth since 2010."
Highlights Include:
- Roth Capital Partners, LLC ranked as the number one most active investment bank in the U.S. PIPE market in 2013
- Millennium Management, LLC ranked as the number one most active institutional investor in the U.S. PIPE market in 2013
- Ropes & Gray ranked as the number one most active issuer counsel
- Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel
- Ellenoff Grossman & Schole LLP ranked as the number one most active placement agent counsel
The 2013 U.S. PIPE Market Investment
Banking League Table
By Number of Transactions:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Roth Capital Partners, LLC | 54 | $ 1,142,487,919 |
| Cowen and Company, LLC | 28 | $ 1,456,176,077 |
| Ladenburg Thalmann & Co., Inc. | 26 | $ 623,863,688 |
| Craig-Hallum Capital Group LLC | 23 | $ 462,173,277 |
| Maxim Group LLC | 20 | $ 306,174,176 |
| Dawson James Securities, Inc. | 20 | $ 97,484,820 |
| Piper Jaffray & Co. | 19 | $ 997,648,633 |
| Canaccord Genuity Inc. (US) | 19 | $ 929,781,134 |
| Stifel Nicolaus Weisel | 19 | $ 839,637,997 |
| Jefferies & Company, Inc. | 18 | $ 1,325,062,261 |
| Lazard | 18 | $ 685,404,063 |
| Aegis Capital Corporation | 17 | $ 176,293,953 |
| JMP Securities, LLC | 16 | $ 1,723,383,893 |
| H.C. Wainwright & Co., LLC | 16 | $ 135,089,920 |
| William Blair & Company, LLC | 14 | $ 411,524,743 |
| Needham & Company, LLC | 13 | $ 460,382,884 |
| Robert W. Baird & Co. | 11 | $ 693,609,890 |
| Oppenheimer & Co. Inc. | 10 | $ 361,943,338 |
| Brean Capital, LLC | 10 | $ 242,140,796 |
| National Securities Corporation | 10 | $ 158,477,702 |
| Chardan Capital Markets | 10 | $ 116,531,902 |
| RS Platou Markets AS | 9 | $ 1,303,990,576 |
| Northland Securities, Inc. | 9 | $ 143,552,666 |
| Barclays Capital, Inc. | 8 | $ 732,300,665 |
| Leerink Swann, LLC | 8 | $ 685,422,580 |
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 1/08/14.
The 2013 U.S. PIPE Market Investment
Banking League Table
By Total Amount Placed:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Goldman Sachs (Asia) LLC | 1 | $ 3,099,692,239 |
| JMP Securities LLC | 16 | $ 1,723,383,893 |
| BMO Capital Markets Corp. | 3 | $ 1,546,071,903 |
| Cowen and Company, LLC | 28 | $ 1,456,176,077 |
| Jefferies & Company, Inc. | 18 | $ 1,325,062,261 |
| RS Platou Markets AS | 9 | $ 1,303,990,576 |
| Roth Capital Partners, LLC | 54 | $ 1,142,487,919 |
| Deutsche Bank AG, Singapore Branch | 1 | $ 1,000,000,000 |
| Piper Jaffray & Co. | 19 | $ 997,648,633 |
| Canaccord Genuity Inc. (US) | 19 | $ 929,781,134 |
| RCS Capital | 2 | $ 899,999,988 |
| Stifel Nicolaus Weisel | 19 | $ 839,637,997 |
| Clarkson Capital Markets | 4 | $ 815,037,197 |
| Evercore Partners Inc. | 4 | $ 800,037,220 |
| DnB NOR Markets | 3 | $ 765,037,197 |
| Barclays Capital, Inc. | 8 | $ 732,300,665 |
| Robert W. Baird & Co. | 11 | $ 693,609,890 |
| Leerink Swann, LLC | 8 | $ 685,422,580 |
| Lazard | 18 | $ 685,404,063 |
| J.P. Morgan Chase & Co. | 4 | $ 663,567,139 |
| Global Hunter Securities, LLC | 5 | $ 639,953,351 |
| Ladenburg Thalmann & Co., Inc. | 26 | $ 623,863,688 |
| UBS Securities LLC | 3 | $ 615,276,903 |
| RBC Capital Markets, Inc. | 3 | $ 603,574,778 |
| SEB Enskilda AS | 2 | $ 534,997,197 |
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 1/08/14.
The 2013 U.S. PIPE Market Institutional
Investor League Table
By Number of Transactions:
| Investor Name | Transaction Count | Total Amount Invested |
| Millennium Management, LLC | 48 | $ 7,550,000 |
| Sabby Management, LLC | 41 | $ 44,487,000 |
| Empery Asset Management LP | 32 | $ 62,778,068 |
| Fidelity Management & Research Corporation | 31 | $ 18,618,976 |
| Deerfield Management | 28 | $ 312,970,247 |
| Heights Capital Management, Inc. | 27 | $ 37,451,100 |
| D.E. Shaw & Co., L.P. | 23 | Not Disclosed |
| Perceptive Advisors, LLC | 22 | $ 7,610,000 |
| UBS O'Connor LLC | 22 | Not Disclosed |
| AWM Investment Management (MGP Advisors, LLC) | 21 | $ 23,640,003 |
| Broadfin Capital, LLC | 21 | $ 8,500,198 |
| DAFNA Capital Management, LLC | 21 | $ 4,250,451 |
| Wellington Management Company LLP | 20 | $ 6,137,343 |
| Baker Brothers Advisors, LLC | 19 | $ 61,395,503 |
| Citadel Advisors, LLC | 19 | $ 10,000 |
| Hudson Bay Capital Management L.P. | 18 | $ 21,748,615 |
| Perkins Capital Management, Inc. | 18 | $ 50,000 |
| RA Capital Management, LLC | 17 | $ 43,159,990 |
| LH Financial Services Corporation | 17 | $ 12,843,139 |
| Brio Capital Management LLC | 17 | $ 5,024,681 |
| Bank of New York | 17 | Not Disclosed |
| Downsview Capital, Inc. | 15 | $ 6,109,274 |
| Jane Street Capital, LLC | 14 | Not Disclosed |
| Morgan Stanley | 13 | Not Disclosed |
| Crede Capital Group, LLC (Socius Capital) | 12 | $ 84,313,111 |
Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed and definitive agreement transactions reported as of 1/08/14.
The 2013 PIPE Market Issuer Counsel
League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | |
| Ropes & Gray | 21 | $ 488,091,301 | |
| Cooley LLP | 20 | $ 901,739,793 | |
| Greenberg Traurig, LLP | 14 | $ 111,691,069 | |
| Sichenzia Ross Friedman Ference, LLP | 13 | $ 99,045,091 | |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 12 | $ 1,715,716,099 | |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 11 | $ 473,767,733 | |
| Dorsey & Whitney, LLP | 11 | $ 108,444,846 | |
| Morgan, Lewis & Bockius, LLP | 10 | $ 226,795,611 | |
| DLA Piper | 9 | $ 322,316,979 | |
| Ellenoff Grossman & Schole LLP | 9 | $ 61,702,741 | |
| Goodwin Procter, LLP | 8 | $ 243,799,211 | |
| Morrison & Foerster, LLP | 8 | $ 173,402,901 | |
| K&L Gates LLP | 8 | $ 144,883,220 | |
| O'Melveny & Myers, LLP | 8 | $ 102,485,256 | |
| Graubard Miller | 8 | $ 61,366,727 | |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 7 | $ 683,002,798 | |
| Troutman Sanders, LLP | 7 | $ 132,486,222 | |
| Latham & Watkins, LLP | 6 | $ 1,155,980,991 | |
| Seward & Kissel LLP | 6 | $ 1,027,646,378 | |
| Thompson & Hine, LLP | 6 | $ 213,001,255 | |
| Wyrick Robbins Yates & Ponton, LLP | 6 | $ 123,542,564 | |
| Fenwick & West, LLP | 6 | $ 54,629,999 | |
| Willkie, Farr & Gallagher | 6 | $ 14,188,144 | |
| Proskauer Rose, LLP | 5 | $ 1,421,287,856 | |
| Baker, Donelson, Bearman, Caldwell & Berkowitz | 5 | $ 92,592,021 | |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/08/14.
The 2013 PIPE Market Investor Counsel
League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | ||
| Schulte Roth & Zabel, LLP | 37 | $ 1,836,349,806 | ||
| Greenberg Traurig, LLP | 15 | $ 127,452,412 | ||
| Ellenoff Grossman & Schole LLP | 13 | $ 34,113,337 | ||
| Lowenstein Sandler, PC | 9 | $ 83,861,061 | ||
| Vinson & Elkins, LLP | 6 | $ 217,403,968 | ||
| Grushko & Mittman, PC | 6 | $ 25,305,170 | ||
| Katten Muchin Rosenman, LLP | 5 | $ 234,076,000 | ||
| Peter J. Weisman, PC | 5 | $ 18,225,000 | ||
| Ropes & Gray | 4 | $ 263,780,716 | ||
| Seward & Kissel LLP | 4 | $ 52,425,503 | ||
| Simpson Thacher Bartlett, LLP | 3 | $ 1,218,000,000 | ||
| Willkie, Farr & Gallagher | 3 | $ 248,242,399 | ||
| Akin, Gump, Strauss, Hauer & Feld, LLP | 3 | $ 71,409,672 | ||
| Kirkland & Ellis | 3 | $ 66,000,000 | ||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 3 | $ 46,000,472 | ||
| Morgan, Lewis & Bockius, LLP | 3 | $ 38,290,600 | ||
| Proskauer Rose, LLP | 2 | $ 406,412,015 | ||
| Davis Polk & Wardwell | 2 | $ 100,000,000 | ||
| DLA Piper | 2 | $ 45,000,005 | ||
| Matthew M. Guest, Esq. | 2 | $ 45,000,005 | ||
| Wachtell, Lipton, Rosen & Katz | 2 | $ 45,000,005 | ||
| Cooley LLP | 2 | $ 37,000,000 | ||
| Olshan Frome Wolosky LLP | 2 | $ 32,104,500 | ||
| Gallant Y.T. Ho & Company | 2 | $ 24,510,000 | ||
| O'Melveny & Myers, LLP | 2 | $ 20,995,500 | ||
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/08/14.
The 2013 PIPE Market Placement Agent
Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised |
| Ellenoff Grossman & Schole LLP | 47 | $ 331,597,380 |
| Goodwin Procter, LLP | 33 | $ 1,025,804,352 |
| Proskauer Rose, LLP | 16 | $ 792,835,964 |
| Lowenstein Sandler, PC | 13 | $ 172,349,188 |
| Morrison & Foerster, LLP | 7 | $ 161,475,011 |
| Latham & Watkins, LLP | 6 | $ 290,128,385 |
| Reed Smith, LLP | 6 | $ 125,933,750 |
| Covington & Burling | 5 | $ 323,602,366 |
| Cooley LLP | 5 | $ 148,808,337 |
| DLA Piper | 5 | $ 147,234,500 |
| LeClairRyan, PC | 5 | $ 96,803,596 |
| Faegre Baker Daniels LLP | 5 | $ 92,494,416 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 5 | $ 88,477,498 |
| Sichenzia Ross Friedman Ference, LLP | 5 | $ 22,400,000 |
| Fried, Frank, Harris, Shriver & Jacobson | 4 | $ 270,001,280 |
| Dechert, LLP | 4 | $ 168,145,528 |
| K&L Gates LLP | 4 | $ 63,199,725 |
| Loeb & Loeb, LLP | 4 | $ 53,462,497 |
| Pryor Cashman Sherman & Flynn, LLP | 4 | $ 41,392,476 |
| Choate, Hall & Stewart, LLP | 3 | $ 133,026,250 |
| Stikeman Elliott LLP | 3 | $ 58,190,000 |
| Morgan, Lewis & Bockius, LLP | 3 | $ 45,671,581 |
| SorinRand LLP | 3 | $ 12,269,583 |
| McGuireWoods, LLP | 2 | $ 899,999,988 |
| Pillsbury Winthrop, LLP | 2 | $ 105,652,188 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 1/08/14.
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