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


*Required Field

Q2 PIPEs Tables: Whomp Same Period Last Year

By Paul Springer | Published on July 16, 2018

In the second quarter, PIPE financings were up almost 40% from the same quarter last year in terms of dollars raised. The quarter’s deals raised more than $23 billion.

Sabby Investment Management LLC invested in the most deals, followed by Empery Asset Management LLP, IntraCoastal Capital LLC and Hudson Bay Capital Management LP.

H.C. Wainwright & Co. LLC placed the most deals.

Roth Capital Partners LLCPiper Jaffray & Co.Maxim Group LLCCowen and Co. LLC and Jefferies LLC continue to play major roles in the industry.

Ellenoff Grossman & Schole LLP advised placement agents on the largest number of deals.

Cooley LLP advised on the largest dollar amount of deals, with more than $2 billion raised.

Much of the increase in dollars raised came from at-the-market deals set up by real estate companies, like AGNC Investment Corp. (AGNC). Real estate investors, and particularly REITs, like to line up capital ahead of their needs, especially when interest rates are going up.

Most of the real estate offerings were at-the-market offerings, amounting to almost $6.5 billion.

AGNC continues to be a money maker, and the company recently declared an 18 cent per share dividend. HCP. Inc (HCP) and Crown Castle International Corp. (CCI) both set up $750 million ATMs.

In terms of money immediately raised, health care deals raised $5.9 billion. Deal flow was robust, with over 140 deals.

Healthcare PIPEs ranged from the $1 million level for companies like Rennova Health Inc., MYOS RENS Technology Inc. Nymox Pharmaceutical Corp. and Agenus Inc. At the other end of the scale are deals like Nketar Pharmaceuticals (NKTR) with an $850 million raise, and Ionis Pharmaceuticals Inc. (IONS) with a $650 million dollar PIPE.

Integra LifeSciences Holdings Corp, raised $353 million.

Investors in these PIPEs included Bristol-Myers Squibb Company (BMY).

The technology sector accounted for almost $2.2 billion in deals in the quarter, including PTC. Inc. (PTC)’s $1 billion common stock offering was picked up by Rockwell Automation Inc. (ROK).

PTC makes high-end sports and fitness training equipment.

A few more industrial sector deals than usual took place, raising nearly $6. 2 billion. The biggest deal in this department came from ZTO Express (Cayman) Inc. (ZTO), which raised $1.1 billion in a common stock offering.

ZTO raised the cash from funds managed by Alibaba Group Holding Ltd. (BABA). It is one of several Alibaba investments in courier and last-mile delivery companies.

Other tech PIPEs ranged down to less than $1.5 million, as was the case for Sigma Labs Inc.(SGLB), Surna Inc. and WestMountain Alternative Energy Inc.

The quarter was about $3 billion down from the first quarter, but the first quarter of 2018 was one of the largest ever for the PIPEs market in terms of total capital raised. The first quarter of this year saw more capital raised since the first quarter of 2008.


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

Not a subscriber?  Request a personalized demo here.