Methodology

The Deal’s data experts compile and analyze the details of M&A, Private Equity, Bankruptcy, Out-of-Court Restructuring, PIPEs and Life Settlement transactions on an ongoing basis. League Table rankings are released quarterly and update cumulatively throughout the year. Any data provided by contributors is verified before consideration for The Deal’s League Tables.  Any firm contributing transaction details is encouraged to submit data as soon as a deal is announced to ensure they are counted in the quarterly updates.  Preliminary rankings are posted on the first business day of the new quarter.

The Deal Power Rankings

Search

*Required Field

Q1 PIPEs League Tables: Market Raises Over $27 Billion

By Paul Springer | Published on April 10, 2018

In the first quarter of the year, the private-investment-in-public-equity market made one of its biggest showings ever, raising over $27 billion in capital for businesses ranging from large cap energy and tech companies to microcap tech and biotech innovators.

Take a look at our new, first-quarter league tables here.

A dramatic increase in Canadian cannabis company offerings also made up a big piece of the pie.

First quarter deals raised some $27.9 billion. In comparison, the previous quarter’s number was about $22 billion.

This quarter’s capital raise has not been matched since the first quarter of 2008, when a pre-global financial crisis investing frenzy generated over $40 billion.

It’s worth noting that the PIPE landscape has changed since then, and our numbers include at-the-market and confidentially marketed public offerings. Registered direct offerings make up a lot of the total, but many companies, especially microcaps, continue to rely on traditional unregistered PIPEs in times of financial stress.

The recent quarter also saw a large number of transactions —almost 350. While the first and last quarter of last year generated a few more deals, the few quarters have ever generated more than 350 PIPEs.

Our PrivateRaise database tracks PIPEs of $1 million or more. It also contains robust data on reverse mergers and special purpose acquisition company activity.

PrivateRaise data goes back to 2001 and offers many flexible search options.

The quarter saw strong performances from many regular players, including Sabby Mangement LLC and Empery Asset Management LP in the investor category.

Healthcare represented the largest number of PIPEs, with over 150. Technology generated the largest amount of capital—over $7 billion. This is an anomalous sum for technology PIPEs, and it was blown up by Broadcom Ltd.‘s (AVGO) $6 billion convertible debt offering in February.

The cannabis industry also started to heat up, mostly thanks to the regulatory landscape in Canada, where medical marijuana is legal and recreational use is soon to follow. There we about 50 cannabis PIPEs last year—about the same number as the first quarter of this year.

Please take a look at the league tables for a complete listing by dollars and deals of investors, placement agents and the law firms that represented them.

 

Subscribers have access to more of the deal data that fuel these rankings here.

Not a subscriber?  Request a personalized demo here.