San Diego, July 9, 2014 (GLOBE NEWSWIRE) -- PlacementTracker, the leading source for data and analysis to institutions in the PIPE market, today announced the most active investment banks, institutional investors, issuer counsels, investor counsels, and placement agent counsels in the U.S. PIPE market during the first half of 2014.
Through the end of the first half of the year, a total of $19.2 billion was raised in 490 transactions in the U.S. PIPE market. Of this amount, 8 transactions totaling $1.2 billion have been announced but not yet closed as of 7/03/14.
Deal volume and dollars raised are up dramatically compared with the first half of 2013, continuing a trend of a growing market over the last several years. If the current pace continues through the second half of the year, 2014 is shaping up to be the PIPE market's busiest year since 2010.
Most Active Participants Include:
- Roth Capital Partners, LLC as the number one most active investment bank
- Millennium Management, LLC as the number one most active institutional investor
- Sichenzia Ross Friedman Ference, LLP as the number one most active issuer counsel
- Schulte Roth & Zabel, LLP as the number one most active investor counsel
- Ellenoff Grossman & Schole LLP as the number one most active placement agent counsel
The First Half 2014 U.S. PIPE Market
Investment Banking League Table
By Number of Transactions:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Roth Capital Partners, LLC | 28 | $ 803,289,353 |
| H.C. Wainwright & Co., LLC | 23 | $ 456,769,482 |
| Maxim Group LLC | 20 | $ 456,444,083 |
| Cowen and Company, LLC | 18 | $ 851,815,133 |
| Craig-Hallum Capital Group LLC | 18 | $ 300,743,832 |
| Canaccord Genuity Inc. (US) | 15 | $ 671,683,981 |
| Stifel Nicolaus Weisel | 10 | $ 393,702,812 |
| Jefferies & Company, Inc. | 9 | $ 748,815,957 |
| Piper Jaffray & Co. | 9 | $ 541,605,511 |
| Needham & Company, LLC | 9 | $ 533,111,330 |
| Ladenburg Thalmann & Co., Inc. | 9 | $ 515,831,696 |
| Aegis Capital Corporation | 9 | $ 176,385,688 |
| Chardan Capital Markets | 9 | $ 135,420,213 |
| Northland Securities, Inc. | 9 | $ 88,251,829 |
| Barclays Capital, Inc. | 8 | $ 986,250,750 |
| Oppenheimer & Co. Inc. | 8 | $ 414,940,393 |
| Laidlaw & Company (UK) Ltd. | 8 | $ 80,868,454 |
| JMP Securities LLC | 7 | $ 584,324,757 |
| Brean Capital, LLC | 7 | $ 207,126,569 |
| National Securities Corporation | 6 | $ 113,113,500 |
| RBC Capital Markets, Inc. | 5 | $ 577,837,685 |
| MLV & Co. LLC | 5 | $ 221,681,263 |
| BMO Capital Markets Corp. | 5 | $ 130,948,182 |
| T.R. Winston & Company, Inc. | 5 | $ 51,468,036 |
| Dawson James Securities, Inc. | 5 | $ 40,179,543 |
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 07/03/14.
The First Half 2014 U.S. PIPE Market
Investment Banking League Table
By Total Amount Placed:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Bank of America Merrill Lynch | 2 | $ 3,545,012,502 |
| Morgan Stanley & Co. International plc | 1 | $ 3,441,512,502 |
| Citigroup Global Markets Limited | 1 | $ 3,441,512,502 |
| Goldman Sachs International | 1 | $ 3,441,512,502 |
| HSBC Bank plc | 1 | $ 3,441,512,502 |
| UBS Limited | 1 | $ 3,441,512,502 |
| Mediobanca-Banca di Credito Finanziario S.p.A | 1 | $ 3,441,512,502 |
| Deutsche Bank AG, Singapore Branch | 1 | $ 1,000,000,000 |
| Barclays Capital, Inc. | 8 | $ 986,250,750 |
| Cowen and Company, LLC | 18 | $ 851,815,133 |
| Roth Capital Partners, LLC | 28 | $ 803,289,353 |
| Jefferies & Company, Inc. | 9 | $ 748,815,957 |
| Canaccord Genuity Inc. (US) | 15 | $ 671,683,981 |
| JMP Securities LLC | 7 | $ 584,324,757 |
| RBC Capital Markets, Inc. | 5 | $ 577,837,685 |
| J.P. Morgan Chase & Co. | 4 | $ 556,997,435 |
| Piper Jaffray & Co. | 9 | $ 541,605,511 |
| Needham & Company, LLC | 9 | $ 533,111,330 |
| Ladenburg Thalmann & Co., Inc. | 9 | $ 515,831,696 |
| H.C. Wainwright & Co., LLC | 23 | $ 456,769,482 |
| Maxim Group LLC | 20 | $ 456,444,083 |
| Deutsche Bank Securities, Inc. | 3 | $ 450,158,750 |
| Oppenheimer & Co. Inc. | 8 | $ 414,940,393 |
| Stifel Nicolaus Weisel | 10 | $ 393,702,812 |
| HSBC Securities, Inc. | 3 | $ 347,237,435 |
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 07/03/14.
The First Half 2014 U.S. PIPE Market
Institutional Investor League Table
By Number of Transactions:
| Investor Name | Transaction Count | Total Amount Invested |
| Millennium Management, LLC | 30 | $ 1,000,000 |
| Citadel Advisors, LLC | 26 | Not Disclosed |
| Sabby Management, LLC | 23 | $ 38,523,470 |
| Group One Trading, L.P. | 18 | Not Disclosed |
| Perceptive Advisors, LLC | 15 | Not Disclosed |
| Bank of New York | 14 | Not Disclosed |
| Hudson Bay Capital Management L.P. | 13 | $ 60,214,150 |
| Heights Capital Management, Inc. | 13 | $ 22,629,589 |
| Fidelity Management & Research Corporation | 13 | Not Disclosed |
| Empery Asset Management LP | 12 | $ 25,046,037 |
| Broadfin Capital, LLC | 12 | $ 6,403,161 |
| Deerfield Management | 11 | $ 38,499,998 |
| LH Financial Services Corporation | 11 | $ 13,735,497 |
| S.A.C. Capital Advisors, LLC | 11 | Not Disclosed |
| DAFNA Capital Management, LLC | 10 | $ 6,466,910 |
| UBS O'Connor LLC | 10 | Not Disclosed |
| Wellington Management Company LLP | 9 | $ 67,244,066 |
| Downsview Capital, Inc. | 9 | $ 11,230,673 |
| D.E. Shaw & Co., L.P. | 9 | Not Disclosed |
| Baker Brothers Advisors, LLC | 8 | $ 17,000,006 |
| Wexford Capital LLC | 8 | $ 1,000,000 |
| Adage Capital Partners GP, LLC | 8 | Not Disclosed |
| Jennison Associates LLC | 8 | Not Disclosed |
| Orbimed Advisors, LLC | 7 | $ 15,000,010 |
| RA Capital Management, LLC | 7 | $ 10,297,002 |
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 07/03/14.
The First Half 2014 PIPE Market
Issuer Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | |
| Sichenzia Ross Friedman Ference, LLP | 17 | $ 124,549,439 | |
| Cooley LLP | 14 | $ 590,074,045 | |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 12 | $ 217,886,915 | |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 7 | $ 521,121,919 | |
| Seward & Kissel LLP | 6 | $ 120,701,250 | |
| Latham & Watkins, LLP | 5 | $ 1,212,258,958 | |
| Ropes & Gray | 5 | $ 167,938,312 | |
| Morrison & Foerster, LLP | 5 | $ 102,635,009 | |
| Ellenoff Grossman & Schole LLP | 5 | $ 79,921,679 | |
| Greenberg Traurig, LLP | 5 | $ 37,792,838 | |
| Szaferman Lakind Blumstein & Blader, PC | 5 | $ 10,850,500 | |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 4 | $ 656,836,329 | |
| Troutman Sanders, LLP | 4 | $ 194,020,375 | |
| Hogan Lovells | 4 | $ 60,376,988 | |
| DLA Piper | 4 | $ 55,728,452 | |
| Robinson Brog Leinwand Greene Genovese & Gluck P.C. | 4 | $ 43,452,653 | |
| Weintraub Tobin Chediak Coleman Grodin | 4 | $ 29,956,165 | |
| K&L Gates LLP | 4 | $ 27,843,600 | |
| Dorsey & Whitney, LLP | 4 | $ 19,125,000 | |
| TroyGould PC | 3 | $ 183,545,240 | |
| Holland & Hart, LLP | 3 | $ 178,000,000 | |
| Vinson & Elkins, LLP | 3 | $ 101,042,000 | |
| Dechert, LLP | 3 | $ 83,749,736 | |
| Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP | 3 | $ 79,793,678 | |
| Goodwin Procter, LLP | 3 | $ 57,400,006 | |
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 07/03/14.
The First Half 2014 PIPE Market
Investor Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | |||
| Schulte Roth & Zabel, LLP | 39 | $ 1,652,481,705 | |||
| Greenberg Traurig, LLP | 11 | $ 138,408,509 | |||
| Ellenoff Grossman & Schole LLP | 7 | $ 14,639,918 | |||
| Sichenzia Ross Friedman Ference, LLP | 4 | $ 33,401,278 | |||
| Ropes & Gray | 3 | $ 142,731,567 | |||
| Brown Rudnick LLP | 3 | $ 61,900,000 | |||
| Lowenstein Sandler, PC | 3 | $ 60,482,740 | |||
| Grushko & Mittman, PC | 3 | $ 5,500,000 | |||
| Simpson Thacher Bartlett, LLP | 2 | $ 1,198,000,000 | |||
| Akin, Gump, Strauss, Hauer & Feld, LLP | 2 | $ 319,999,944 | |||
| Goodwin Procter, LLP | 2 | $ 10,000,000 | |||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 9,280,000 | |||
| Skadden, Arps, Slate, Meagher & Flom, LLP | 1 | $ 1,356,473,602 | |||
| Cleary, Gottlieb, Steen & Hamilton | 1 | $ 500,000,010 | |||
| Latham & Watkins, LLP | 1 | $ 399,999,997 | |||
| Vinson & Elkins, LLP | 1 | $ 98,000,000 | |||
| Kirkland & Ellis | 1 | $ 90,000,000 | |||
| Seward & Kissel LLP | 1 | $ 44,100,000 | |||
| Watson, Farley & Williams LLP | 1 | $ 30,700,000 | |||
| Norton Rose Fulbright | 1 | $ 22,000,000 | |||
| PremierCounsel, LLP | 1 | $ 20,000,000 | |||
| Covington & Burling | 1 | $ 16,524,998 | |||
| Luse Gorman Pomerenk & Schick, PC | 1 | $ 10,000,000 | |||
| Pryor Cashman Sherman & Flynn, LLP | 1 | $ 7,000,000 | |||
| Troutman Sanders, LLP | 1 | $ 6,999,990 | |||
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 07/03/14.
The First Half 2014 PIPE Market
Placement Agent Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised |
| Ellenoff Grossman & Schole LLP | 36 | $ 443,009,717 |
| Goodwin Procter, LLP | 20 | $ 791,512,069 |
| Lowenstein Sandler, PC | 9 | $ 184,212,854 |
| Proskauer Rose, LLP | 7 | $ 240,828,098 |
| Sichenzia Ross Friedman Ference, LLP | 7 | $ 54,593,601 |
| Latham & Watkins, LLP | 6 | $ 639,775,180 |
| Choate, Hall & Stewart, LLP | 6 | $ 74,758,375 |
| Faegre Baker Daniels LLP | 5 | $ 20,285,508 |
| Blank Rome LLP | 4 | $ 71,538,838 |
| Stikeman Elliott LLP | 4 | $ 64,450,000 |
| Morrison & Foerster, LLP | 3 | $ 119,855,013 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 3 | $ 83,235,875 |
| Reed Smith, LLP | 3 | $ 33,349,250 |
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 2 | $ 346,628,705 |
| Fried, Frank, Harris, Shriver & Jacobson | 2 | $ 265,750,000 |
| Covington & Burling | 2 | $ 147,978,457 |
| Dechert, LLP | 2 | $ 103,356,362 |
| Nixon Peabody, LLP | 2 | $ 49,287,000 |
| Faegre & Benson, LLP | 2 | $ 20,107,875 |
| Schiff Hardin, LLP | 2 | $ 18,929,521 |
| Schiff Hardin & Waite | 2 | $ 17,753,904 |
| Schulte Roth & Zabel, LLP | 2 | $ 9,245,749 |
| Taylor Wessing | 1 | $ 105,300,000 |
| Davis Polk & Wardwell LLP | 1 | $ 103,500,000 |
| Kirkland & Ellis | 1 | $ 80,500,000 |
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 07/03/14.
About PlacementTracker
PlacementTracker is well recognized as the leading provider of
research, data, and analytics covering the PIPE market (Private
Investment in Public Equity). With data on every private placement
since January 1, 1995, PlacementTracker's web-based platform
provides subscribers with an easy to use, comprehensive means to:
Evaluate PIPE transactions & investors, perform quick
transaction pricing, identify potential issuers and investors, and
compile comparable transaction, investor & agent statistics.
PlacementTracker's dynamically updating League Tables are available
online at: http://www.placementtracker.com/leaguetables.cfm.
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