NEW YORK, Jan. 22, 2020 /PRNewswire/ -- PlacementTracker, the leading source for data and analysis to institutions in the PIPE and Private Placement markets, today announced the most active investment banks, investors, and law firms in the U.S. PIPE and Private Placement markets for 2019.
A total of $48.8 billion was raised in 1,033 transactions throughout 2019. Of this amount, 5 transactions totaling $465 million have been announced but not yet closed as of 01/21/2020. Deal volume increased a whopping 18% (875 deals in 2018) and dollar volume increased nearly 10% ($44.4 billion in 2018).
We congratulate all the active members of the private placement community, many of whom are long-time clients of PlacementTracker. We are dedicated to providing access to the very best data and analytics available in our industry.
Most Active Participants Include:
- H.C. Wainwright & Co., LLC as the most active placement agent
- Armistice Capital as the most active institutional investor
- Cooley LLP as the most active issuer counsel
- Schulte Roth & Zabel, LLP as the most active investor counsel
- Ellenoff Grossman & Schole LLP as the most active placement agent counsel
- Jefferies & Company, Inc. as most active Agent for At-the Market (ATM) transactions
- Lincoln Park Capital as most active investor for Structured Equity Lines (SELs)
The 2019 U.S. PIPE and Private Placement Markets | ||
Investment Banking League Table by Number of Transactions: | ||
Placement Agent Name | Transaction Count | Total Amount Placed |
H.C. Wainwright & Co., LLC | 115 | $2,006,800,427 |
Roth Capital Partners, LLC | 37 | $841,079,079 |
Cowen and Company, LLC | 36 | $2,075,995,674 |
Oppenheimer & Co. Inc. | 31 | $1,054,612,785 |
Maxim Group LLC | 31 | $267,987,603 |
Cantor Fitzgerald & Company | 26 | $1,200,747,915 |
Ladenburg Thalmann & Co., Inc. | 26 | $824,987,559 |
Jefferies & Company, Inc. | 23 | $1,718,065,975 |
Piper Sandler & Co. | 22 | $1,120,547,643 |
William Blair & Company, LLC | 19 | $720,741,511 |
SVB Leerink LLC | 16 | $1,349,798,479 |
JMP Securities LLC | 16 | $476,603,807 |
National Securities Corporation | 15 | $173,690,170 |
Canaccord Genuity Inc. (US) | 14 | $567,325,679 |
Craig-Hallum Capital Group LLC | 14 | $327,516,904 |
Sandler O'Neill & Partners, L.P. | 13 | $391,449,770 |
Citigroup Global Markets, Inc. | 12 | $2,201,104,198 |
Stifel, Nicolaus & Company, Inc. | 12 | $1,014,392,379 |
Aegis Capital Corporation | 12 | $155,183,708 |
A.G.P./Alliance Global Partners | 11 | $233,463,219 |
Dawson James Securities, Inc. | 11 | $70,952,711 |
ThinkEquity, A division of Fordham Financial | 10 | $170,514,020 |
Guggenheim Securities, LLC | 9 | $1,612,465,871 |
SunTrust Robinson Humphrey, Inc. | 9 | $744,879,904 |
Raymond James & Associates Inc. | 9 | $569,594,883 |
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 OTC. 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 01/21/2020.
The 2019 U.S. PIPE and Private Placement Markets | ||
Institutional Investor League Table by Number of Transactions: | ||
Investor Name | Transaction Count | Total Amount Invested |
Armistice Capital | 10 | $35,074,055 |
Hudson Bay Capital Management LP | 10 | $28,273,526 |
Yorkville Advisors, LLC | 10 | $20,020,334 |
Anson Funds | 10 | $15,433,286 |
Perceptive Advisors, LLC | 9 | $172,961,863 |
BVF, Inc. | 9 | $38,386,551 |
Heights Capital Management, Inc. | 9 | $30,257,770 |
Chicago Venture Partners, L.P. | 9 | $20,380,000 |
Sabby Management, LLC | 9 | $16,561,220 |
Lincoln Park Capital | 9 | $9,001,273 |
Empery Asset Management LP | 7 | $7,665,721 |
MetLife, Inc. (NYSE:MET) | 6 | $104,250,000 |
OrbiMed Advisors, LLC | 6 | $61,441,151 |
Wellington Management Company LLP | 6 | $36,000,000 |
Tenor Capital Management | 6 | $23,386,981 |
EcoR1 Capital Fund | 6 | $17,750,000 |
GCA Altium Limited | 6 | $2,698,215 |
IntraCoastal Capital, LLC | 6 | $2,684,531 |
Northwestern Mutual Life Insurance Company (The) | 5 | $120,000,000 |
Atlas Sciences, LLC | 5 | $10,650,000 |
Chicago Venture Partners, L.P. | 5 | $10,500,000 |
Franklin Templeton Group | 4 | $295,459,373 |
Prudential Capital Group | 4 | $108,010,000 |
Prudential Securities Incorporated | 4 | $57,540,000 |
State Street Research and Management Company, Inc. | 4 | $54,650,000 |
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 OTC. 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 01/21/2020.
The 2019 U.S. PIPE and Private Placement Markets | |||
Issuer Counsel League Table by Number of Transactions: | |||
Legal Counsel | Transaction Count | Total Amount Advised | |
Cooley LLP | 41 | $1,374,202,328 | |
Goodwin Procter, LLP | 26 | $762,110,741 | |
Latham & Watkins, LLP | 24 | $2,535,310,500 | |
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 21 | $617,794,743 | |
Wilmer Cutler Pickering Hale & Dorr, LLP | 20 | $953,814,133 | |
Morgan, Lewis & Bockius, LLP | 18 | $920,304,140 | |
Lowenstein Sandler LLP | 17 | $178,854,790 | |
Graubard Miller | 16 | $267,444,316 | |
Gibson, Dunn & Crutcher, LLP | 12 | $496,138,052 | |
Sichenzia Ross Ference LLP | 11 | $172,075,042 | |
Sheppard, Mullin, Richter & Hampton, LLP | 11 | $22,948,709 | |
Hogan Lovells | 9 | $476,356,215 | |
Alston & Bird, LLP | 9 | $292,530,502 | |
K&L Gates LLP | 9 | $127,932,895 | |
Greenberg Traurig, LLP | 8 | $201,934,692 | |
Ellenoff Grossman & Schole LLP | 8 | $195,498,349 | |
Dorsey & Whitney, LLP | 8 | $168,847,015 | |
McDermott, Will & Emery | 8 | $132,048,450 | |
Skadden, Arps, Slate, Meagher & Flom, LLP | 8 | $126,998,477 | |
Blake, Cassels & Graydon LLP | 7 | $72,985,254 | |
Haynes and Boone, LLP | 7 | $64,888,303 | |
Zysman Aharoni Gayer and Sullivan & Worcester LLP | 7 | $43,868,507 | |
Hunter Taubman Fisher & Li LLC | 7 | $32,541,898 | |
Akerman LLP | 6 | $67,173,575 | |
Dentons US LLP | 6 | $52,782,020 | |
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 OTC. Data is for closed and definitive agreement transactions reported as of 01/21/2020.
The 2019 U.S. PIPE and Private Placement Markets | ||||
Investor Counsel League Table by Number of Transactions: | ||||
Legal Counsel | Transaction Count | Total Amount Advised | ||
Schulte Roth & Zabel, LLP | 37 | $747,415,672 | ||
Kelley Drye & Warren LLP | 23 | $1,552,918,229 | ||
Hansen Black Anderson Ashcraft PLLC | 17 | $36,730,000 | ||
Pillsbury, Winthrop, Shaw & Pittman, LLP | 6 | $619,556,763 | ||
Schiff Hardin, LLP | 5 | $375,000,000 | ||
Latham & Watkins, LLP | 5 | $264,500,000 | ||
David Gonzalez, Esq. | 5 | $11,700,000 | ||
Greenberg Traurig, LLP | 4 | $75,350,001 | ||
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 4 | $5,500,001 | ||
Kirkland & Ellis | 3 | $2,125,000,000 | ||
Skadden, Arps, Slate, Meagher & Flom, LLP | 3 | $1,604,999,999 | ||
Chapman & Cutler, LLP | 3 | $426,225,637 | ||
Simpson Thacher Bartlett, LLP | 3 | $235,000,000 | ||
Cooley LLP | 3 | $134,999,985 | ||
Morgan, Lewis & Bockius, LLP | 3 | $121,410,835 | ||
Thompson & Hine, LLP | 3 | $12,000,000 | ||
Covington & Burling | 2 | $1,130,000,000 | ||
Torys, LLP | 2 | $456,100,000 | ||
Sidley Austin LLP | 2 | $305,000,000 | ||
Paul, Weiss, Rifkind, Wharton & Garrison | 2 | $154,999,994 | ||
Paul Hastings LLP | 2 | $119,999,995 | ||
Harris, Wiltshire & Grannis LLP | 2 | $99,999,999 | ||
DLA Piper | 2 | $26,000,000 | ||
K&L Gates LLP | 2 | $23,000,000 | ||
Ellenoff Grossman & Schole LLP | 2 | $6,500,000 | ||
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 OTC. Data is for closed and definitive agreement transactions reported as of 01/21/2020.
The 2019 U.S. PIPE and Private Placement Markets | ||
Placement Agent Counsel League Table by Number of Transactions: | ||
Legal Counsel | Transaction Count | Total Amount Advised |
Ellenoff Grossman & Schole LLP | 60 | $557,581,875 |
Goodwin Procter, LLP | 40 | $1,189,365,099 |
Cooley LLP | 18 | $1,103,518,758 |
Latham & Watkins, LLP | 13 | $779,421,587 |
Lowenstein Sandler LLP | 13 | $121,109,611 |
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 12 | $436,876,578 |
White & Case, LLP | 9 | $577,046,760 |
Davis Polk & Wardwell LLP | 9 | $477,202,488 |
Duane Morris, LLP | 9 | $296,924,975 |
Schiff Hardin, LLP | 9 | $157,009,111 |
Covington & Burling | 7 | $340,852,742 |
Haynes and Boone, LLP | 6 | $32,195,446 |
Holland & Knight, LLP | 5 | $61,999,780 |
Stikeman Elliott LLP | 5 | $48,805,000 |
Faegre Baker Daniels LLP | 4 | $66,789,133 |
McGuireWoods, LLP | 4 | $63,602,575 |
Sheppard, Mullin, Richter & Hampton, LLP | 4 | $47,599,988 |
Zysman Aharoni Gayer and Sullivan & Worcester LLP | 4 | $31,299,998 |
Loeb & Loeb, LLP | 4 | $23,067,593 |
Harter Secrest & Emery LLP | 3 | $19,840,250 |
Sichenzia Ross Ference LLP | 3 | $5,656,520 |
Proskauer Rose, LLP | 2 | $114,350,960 |
K&L Gates LLP | 2 | $97,661,001 |
Fasken Martineau Du Moulin, LLP | 2 | $65,250,000 |
Fangda Partners | 2 | $60,000,027 |
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 OTC. Data is for closed and definitive agreement transactions reported as of 01/21/2020.
The 2019 U.S. At-the-Market (ATM) Market | ||
Sales Agent by Number of Transactions: | ||
Sales Agent | Transaction Count | Commitment Amount |
Jefferies & Company, Inc. | 72 | $16,226,344,010 |
B. Riley & Co. | 50 | $4,710,071,185 |
Wells Fargo Securities, LLC | 31 | $18,742,894,010 |
Bank of America Merrill Lynch | 31 | $17,726,812,053 |
Cowen and Company, LLC | 31 | $2,979,000,000 |
BMO Capital Markets Corp. | 29 | $11,479,350,470 |
J.P. Morgan Chase & Co. | 28 | $15,411,812,053 |
Citigroup Global Markets, Inc. | 28 | $15,385,273,952 |
Cantor Fitzgerald & Company | 28 | $2,011,500,000 |
Raymond James & Associates Inc. | 25 | $9,481,410,000 |
BTIG, LLC | 23 | $12,442,894,010 |
Stifel, Nicolaus & Company, Inc. | 23 | $9,121,246,975 |
SunTrust Robinson Humphrey, Inc. | 22 | $9,310,000,000 |
H.C. Wainwright & Co., LLC | 22 | $707,186,470 |
Morgan Stanley | 21 | $12,671,234,010 |
RBC Capital Markets, Inc. | 21 | $11,902,074,010 |
JMP Securities LLC | 19 | $3,809,690,000 |
KeyBanc Capital Markets | 18 | $7,059,852,965 |
Barclays Capital, Inc. | 17 | $12,927,894,010 |
Goldman, Sachs & Co. | 17 | $10,352,273,952 |
Ladenburg Thalmann & Co., Inc. | 16 | $2,296,402,965 |
Capital One Securities | 15 | $6,909,852,965 |
Mizuho Securities Co., Limited | 14 | $9,147,746,975 |
Robert W. Baird & Co. | 12 | $6,377,894,010 |
SVB Leerink LLC | 12 | $830,000,000 |
Sales Agent rankings includes At the Market. Data is for closed and definitive agreement transactions reported as of 01/21/2020.
The 2019 U.S. Structured Equity Line Market | ||
SEL Investor League Table by Number of Transactions: | ||
Investor | Transaction Count | Commitment Amount |
Lincoln Park Capital | 16 | $269,000,000 |
Aspire Capital Partners, Inc. | 14 | $345,900,000 |
Oasis Capital LLC | 10 | $72,325,000 |
GHS Investments LLC | 8 | $40,650,000 |
Oscaleta Partners LLC | 2 | $20,000,000 |
Crown Bridge Partners, LLC | 2 | $15,000,000 |
TRITON FUNDS LLC | 2 | $4,000,000 |
Keystone Funds | 1 | $25,000,000 |
K&J Funds, LLC | 1 | $20,000,000 |
Scorpio Services Holding Limited | 1 | $15,000,000 |
Azure Capital Partners | 1 | $10,000,000 |
Cavalry Fund | 1 | $10,000,000 |
Peak One Opportunity Fund, L.P. | 1 | $10,000,000 |
Sea Otter Global Ventures, LLC | 1 | $10,000,000 |
White Lion Capital, LLC | 1 | $7,500,000 |
Green Coast Capital International SA | 1 | $5,000,000 |
Zesiger Capital Group, LLC | 1 | $2,400,000 |
Leviston Resources LLC | 1 | $1,250,000 |
SEL Investor rankings includes Structured Equity Lines. Data is for closed and definitive agreement transactions reported as of 01/21/2020.
About PlacementTracker
PlacementTracker, part of the Business Intelligence Division of Informa PLC, is well recognized as the leading provider of research, data, and analytics covering the PIPE and Private Placement markets. PlacementTracker's dynamically updated League Tables are available online at: http://www.placementtracker.com/leaguetables.cfm.
About Informa Financial Intelligence
Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of products and services helping financial institutions around the world cut through the noise and take decisive action. Informa Financial Intelligence's solutions provide unparalleled insight into market opportunity, competitive performance and customer segment behavioral patterns and performance through specialized industry research, intelligence, and insight. For more information, please visit https://financialintelligence.informa.com.For more information, please visit the Financial Intelligence website.
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