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PrivateRaise.com Releases 2008 Q1 RaiseStats Market Activity and Rankings (League Tables) for Private Investments in Public Equity (PIPEs)
NEW YORK---PrivateRaise.com® announced today the 2008 Q1 PIPE Market Activity and Rankings (League Tables) for Placement Agents, Investment Managers, Investor Legal Counsel, Issuer Legal Counsel and Placement Agent Legal Counsel.
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PrivateRaise, LLC (www.privateraise.com/prwelcome.php?r=38) is the leading, award-winning source for comprehensive market intelligence and analysis pertaining to private placements of equity and equity-linked securities executed by public companies - Private Investments in Public Equity (PIPEs) and Rule 144A transactions.
PrivateRaise.com® promotes greater information transparency in the marketplace by offering various internet-based Information Services that simplify the monitoring, researching and analysis of private placements of equity and equity-linked securities by public companies and the entities (e.g., Placement Agents, Investors, Legal Counsel) associated with such transactions.
RaiseStats™ is an Information Service of PrivateRaise, LLC that provides detailed, real-time analysis of the investment activity, trends and rankings within the Equity Private Placement marketplace (PrivateRaise.com Members have access to RaiseStats at www.privateraise.com/raisestat/index.php3) .
2008 Q1 RAISESTATS™ MARKET ACTIVITY
BY SECURITY TYPE PLACEMENTS TOTAL $ (m) AVG. $ (m)
- Common Stock 153 $6,452.53 $42.17
- Preferred Stock: Convertible 49 $20,379.90 $415.92
-
Preferred Stock: non-Convertible (with Warrants) - - -
- Debt: Convertible 69 $14,299.07 $207.23
- Debt: non-Convertible (with Warrants) 14 $1,409.43 $100.67
- Other: Convertible - - -
- Prepaid Warrant 12 $93.33 $7.78
- Equity Line 10 $246.50 $24.65
-
Unknown
3
$4.00
$1.33
Totals 310 $42,884.76 $138.34
BY ISSUER EQUITY MARKET CAP PLACEMENTS TOTAL $ (m) AVG. $ (m)
- Less than $50 m 167 $877.42 $5.25
- $50 m - $99 m 46 $417.32 $9.07
- $100 m - $249 m 55 $2,166.14 $39.38
- $250 m - $499 m 17 $1,607.46 $94.56
- $500 m - $999 m 3 $426.85 $142.28
- $1 b - $4.9 b 10 $2,447.04 $244.70
- Greater than $5 b 7 $34,931.08 $4,990.15
BY EXCHANGE PLACEMENTS TOTAL $ (m) AVG. $ (m)
- NYSE 18 $38,777.56 $2,154.31
- AMEX 35 $344.35 $9.84
- NASDAQ-GS 6 $505.22 $84.20
- NASDAQ-GM 44 $1,680.54 $38.19
- NASDAQ-CM 29 $304.54 $10.50
- OTC BB 160 $1,191.01 $7.44
- OTC 18 $81.54 $4.53
TOP 10 MOST ACTIVE SECTORS PLACEMENTS TOTAL $ (m) AVG. $ (m)
- Energy Resources & Related 33 $1,480.53 $44.86
- Pharmaceuticals & Related 25 $423.48 $16.94
- Biotech: Biomedical/Gene 20 $170.34 $8.52
- Metals, Minerals & Stones 17 $140.03 $8.24
- Healthcare: Medical Equipment 15 $61.50 $4.10
- Holding Companies 15 $116.41 $7.76
- Software: Applications 11 $30.27 $2.75
- Electrical Comp. & Equip. 9 $43.40 $4.82
- Electronics & Related 9 $38.39 $4.27
- Mining & Related 9 $112.70 $12.52
(1) Market Activity for 1/1/08 - 3/31/08 (PrivateRaise.com data as
of 5/2/08)
(2) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the
Over-the-Counter market (Pink Sheets)
2008 Q1 RAISESTATS™ RANKINGS (LEAGUE TABLES)
2008 Top 25 PIPE Placement Agents
(ranked by # of deals placed) Placed $ (m) Avg. $ (m) Deals
1 Rodman & Renshaw, LLC $135.66 $12.33 11
2 Lazard $705.25 $141.05 5
2 Deutsche Bank AG $696.97 $139.39 5
2 Roth Capital Partners, LLC $99.71 $19.94 5
2 Midtown Partners & Co., LLC $16.15 $3.23 5
6 Canaccord Capital Corp. $156.58 $39.14 4
7 Merriman Curhan Ford & Co. $118.21 $39.40 3
7 Westminster Securities Corporation $21.35 $7.12 3
9 UBS Securities LLC $2,621.89 $1,310.94 2
9 CIBC World Markets Inc. $1,487.39 $743.69 2
9 BMO Financial Group $55.56 $27.78 2
9 Global Hunter Securities, LLC $30.65 $15.32 2
9 PI Financial Corp. $23.38 $11.69 2
9 Kuhns Brothers, Inc. $18.00 $9.00 2
9 Jesup & Lamont, Inc. $15.84 $7.92 2
9 Empire Asset Management Group, LLC $9.81 $4.91 2
9 Maxim Group, LLC $8.75 $4.38 2
9 Waveland Capital Partners, LLC $8.14 $4.07 2
9 Palladium Capital Advisors, LLC $6.35 $3.17 2
9 T.R. Winston & Company, LLC $6.03 $3.01 2
9 Emerging Growth Equities, Ltd. $4.65 $2.33 2
9 First Montauk Securities Corp. $4.65 $2.33 2
23 Friedman, Billings, Ramsey & Co., Inc. $1,150.00 $1,150.00
1
23 J.P. Morgan Chase & Co. $760.00 $760.00 1
23 Jefferies & Company Inc. $100.00 $100.00 1
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) For co-agented transactions, each Agent is allocated 100% of
Issuance Amount
(3 ) Excludes Equity Line transactions
(4 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Placement Agents
(ranked by $ placed) Placed $ (m) Avg. $ (m) Deals
1 UBS Securities LLC $2,621.89 $1,310.94 2
2 CIBC World Markets Inc. $1,487.39 $743.69 2
3 Friedman, Billings, Ramsey & Co., Inc. $1,150.00 $1,150.00
1
4 J.P. Morgan Chase & Co. $760.00 $760.00 1
5 Lazard $705.25 $141.05 5
6 Deutsche Bank AG $696.97 $139.39 5
7 Canaccord Capital Corp. $156.58 $39.14 4
8 Rodman & Renshaw, LLC $135.66 $12.33 11
9 Merriman Curhan Ford & Co. $118.21 $39.40 3
10 Jefferies & Company Inc. $100.00 $100.00 1
11 Roth Capital Partners, LLC $99.71 $19.94 5
12 JMP Group, Inc. $60.00 $60.00 1
13 BMO Financial Group $55.56 $27.78 2
14 Brean Murray, Carret & Co., LLC $50.00 $50.00 1
14 First Asia Finance Group Ltd. $50.00 $50.00 1
14 Kildare Capital, Inc. $50.00 $50.00 1
17 Source Capital Group, Inc. $40.00 $40.00 1
18 Dundee Securities Corporation $35.56 $35.56 1
18 Haywood Securities Inc. $35.56 $35.56 1
18 National Bank Financial Inc. $35.56 $35.56 1
21 Oppenheimer & Co. Inc. $30.90 $30.90 1
21 Pacific Growth Equities, Inc. $30.90 $30.90 1
23 Global Hunter Securities, LLC $30.65 $15.32 2
24 Casimir Capital L.P. $30.00 $30.00 1
25 Banc of America Securities LLC $25.09 $25.09 1
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) For co-agented transactions, each Agent is allocated 100% of
Issuance Amount
(3 ) Excludes Equity Line transactions
(4 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Investors
(ranked by # of deals invested) Invested $ (m) Avg. $ (m)
Deals
1 Downsview Capital, Inc. $11.32 $1.26 9
1 Enable Capital Management, LLC $11.21
*
$1.60
*
9
3 Quercus Trust $80.41 $11.49 7
4 Yorkville Advisors, LLC $30.07 $5.01 6
4 Hudson Bay Capital Management LP $18.35 $3.06 6
6 Heights Capital Management, Inc. $36.70 $7.34 5
6 Highbridge Capital Management, LLC $28.65 $5.73 5
6 Whitebox Advisors, Inc. $25.39 $5.08 5
6 Iroquois Capital L.P. $12.95 $2.59 5
6 Professional Traders Management, LLC $10.15 $2.03 5
6 Chestnut Ridge Capital $1.17 $0.23 5
12 Ramius Capital Group, LLC $19.23 $4.81 4
12 Pope Asset Management LLC $15.70
*
$5.23
*
4
12 Guerrilla Capital Management $6.54 $1.64 4
12 Midsummer Capital, LLC $2.62
*
$1.31
*
4
16 Goldman Sachs Group, Inc. $302.73 $100.91 3
16 Tontine Capital Management, L.L.C. $40.10 $13.37 3
16 Vision Capital Advisors, LLC $14.00 $4.67 3
16 Ardsley Partners $13.45 $4.48 3
16 Victus Capital, LLC $13.00 $4.33 3
16 Pinnacle Group L.P. $11.29 $3.76 3
16 Interlachen Capital Group, LP $9.00 $3.00 3
16 Sandell Asset Management Corp. $7.40 $2.47 3
16 Straus Capital Management, L.L.C. $2.34 $0.78 3
16 LH Financial Services Corp. $2.15 $0.72 3
(*) Excludes transactions where Investment Amount is Unknown
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes Corporate Entities (e.g., Microsoft)
(4 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Investors
(ranked by $ invested) Invested $ (m) Avg. $ (m) Deals
1 Government of Singapore Investment Company Pte, Ltd.
$17,226.12 $8,613.06 2
2 Kuwait Investment Authority $5,000.00 $2,500.00 2
3 Korean Investment Corporation $2,000.00 $2,000.00 1
4 Mizuho Financial Group $1,200.00 $1,200.00 1
5 Kohlberg Kravis Roberts & Co. $937.50 $937.50 1
6 New Jersey Division of Investment $700.00 $350.00 2
7 TPG $685.43 $342.71 2
8 Warburg Pincus LLC $500.00 $500.00 1
9 Thomas H. Lee Partners, L.P. $495.00 $495.00 1
10 Manulife Financial Corporation $490.63 $490.63 1
11 Matlin Patterson Global Advisors LLC $477.71 $238.85 2
12 Caisse de depot et placement du Quebec $441.57 $441.57 1
13 Cheung Kong Group $343.44 $343.44 1
14 Credit Suisse Group $312.65 $156.32 2
15 T. Rowe Price Group, Inc. $306.00 $153.00 2
16 Goldman Sachs Group, Inc. $302.73 $100.91 3
17 Olayan Group $300.00 $300.00 1
18 OMERS Administration Corporation $196.25 $196.25 1
19 Harbert Management Corp. $150.00
*
$150.00
*
2
20
China Minsheng Banking Corp., Ltd.
$95.73
$95.73
1
21 Quercus Trust $80.41 $11.49 7
22 Rainwater Inc. $75.00 $75.00 1
23 Abax Global Capital $40.08 $40.08 1
24 Clearlake Capital Group, LLC $40.00 $40.00 1
24 Smedvig Capital AS $40.00 $40.00 1
(*) Excludes transactions where Investment Amount is Unknown
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes Corporate Entities (e.g., Microsoft)
(4 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Investor Law Firms
(ranked by # of deals advised) Advised $ (m) Avg. $ (m) Deals
1 Schulte Roth & Zabel LLP $1,585.35 $99.08 16
2 Feldman Weinstein & Smith LLP $49.71 $4.97 10
3 Greenberg Glusker Fields Claman & Machtinger, LLP $182.25
$30.37 6
4 Greenberg Traurig, LLP $155.25 $31.05 5
5 Weil, Gotshal & Manges LLP $815.08 $271.69 3
5 Cooley Godward Kronish LLP $52.34 $17.45 3
7 Bingham McCutchen LLP $300.00 $150.00 2
7 Ropes & Gray LLP $54.34 $27.17 2
7 Winston & Strawn $53.00 $26.50 2
7 Sidley Austin Brown & Wood LLP $49.69 $24.84 2
7 Goodwin Procter LLP $40.25 $20.12 2
7 Hodgson Russ LLP $29.23 $14.61 2
7 Barack Ferrazzano Kirschbaum Perlman & Nagelberg $25.10
$12.55 2
7 Proskauer Rose LLP $22.50 $11.25 2
7 Loeb & Loeb LLP $18.00 $9.00 2
7 Quarles & Brady Streich Lang LLP $9.91 $4.95 2
7 Muller & Lebensburger $7.50 $3.75 2
7 Anslow & Jaclin, LLP $7.03 $3.51 2
7 Grushko & Mittman, P.C. $6.80 $3.40 2
20 Davis Polk & Wardwell $1,250.00 $1,250.00 1
20 Simpson, Thacher & Bartlett $1,250.00 $1,250.00 1
20 Seward & Kissel LLP $1,150.00 $1,150.00 1
20 Neal, Gerber & Eisenberg $821.86 $821.86 1
20 Fried, Frank, Harris, Shriver & Jacobson LLP $760.00
$760.00 1
20 Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro, LLP
$684.00 $684.00 1
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Investor Law Firms
(ranked by $ advised) Advised $ (m) Avg. $ (m) Deals
1 Schulte Roth & Zabel LLP $1,585.35 $99.08 16
2 Davis Polk & Wardwell $1,250.00 $1,250.00 1
2 Simpson, Thacher & Bartlett $1,250.00 $1,250.00 1
4 Seward & Kissel LLP $1,150.00 $1,150.00 1
5 Neal, Gerber & Eisenberg $821.86 $821.86 1
6 Weil, Gotshal & Manges LLP $815.08 $271.69 3
7 Fried, Frank, Harris, Shriver & Jacobson LLP $760.00
$760.00 1
8 Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro, LLP
$684.00 $684.00 1
8 Davis Graham & Stubbs LLP $684.00 $684.00 1
10 Wachtell, Lipton, Rosen & Katz $500.00 $500.00 1
11 WilmerHale $309.62 $309.62 1
12 Bingham McCutchen LLP $300.00 $150.00 2
13 Skadden, Arps, Slate, Meagher & Flom LLP $185.43 $185.43
1
14 Greenberg Glusker Fields Claman & Machtinger, LLP $182.25
$30.37 6
15 Greenberg Traurig, LLP $155.25 $31.05 5
16 Reed Smith LLP $131.23 $131.23 1
17 Shearman & Sterling $95.73 $95.73 1
18 Paul, Hastings, Janofsky & Walker LLP $54.35 $54.35 1
19 Ropes & Gray LLP $54.34 $27.17 2
20 Winston & Strawn $53.00 $26.50 2
21 Cooley Godward Kronish LLP $52.34 $17.45 3
22 DLA Piper Rudnick Gray Cary US LLP $50.00 $50.00 1
22 Sullivan & Cromwell $50.00 $50.00 1
24 Feldman Weinstein & Smith LLP $49.71 $4.97 10
25 Sidley Austin Brown & Wood LLP $49.69 $24.84 2
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Issuer Law Firms
(ranked by # of deals advised) Advised $ (m) Avg. $ (m) Deals
1 Greenberg Traurig, LLP $52.64 $5.85 9
2 Clark Wilson LLP $30.25 $3.78 8
2 Sichenzia Ross Friedman Ference LLP $21.87 $2.73 8
4 Latham & Watkins $117.12 $23.42 5
4 Loeb & Loeb LLP $64.98 $13.00 5
6 Heller Ehrman/Venture Law Group $1,254.65 $313.66 4
6 Hodgson Russ LLP $38.30 $9.58 4
6 Richardson & Patel, LLP $33.12 $8.28 4
9 Andrews & Kurth L.L.P. $316.46 $105.49 3
9 Crone Rozynko LLP $105.08 $35.03 3
9 Cooley Godward Kronish LLP $69.35 $23.12 3
9 WilmerHale $41.59 $13.86 3
9 Guzov Ofsink, LLC $30.16 $10.05 3
9 Haynes and Boone, LLP $21.32 $7.11 3
9 Graubard Miller $16.04 $5.35 3
9 Bingham McCutchen LLP $14.82 $4.94 3
9 K & L Gates $14.50 $4.83 3
9 Morgan, Lewis & Bockius LLP $10.38 $3.46 3
9 Holland & Knight LLP $4.50 $1.50 3
20 Shearman & Sterling $1,559.62 $779.81 2
20 Wachtell, Lipton, Rosen & Katz $855.00 $427.50 2
20 Skadden, Arps, Slate, Meagher & Flom LLP $162.50 $81.25 2
20 Paul, Hastings, Janofsky & Walker LLP $133.23 $66.62 2
20 Jones, Day, Reavis & Pogue $104.00 $52.00 2
20 Hunton & Williams $80.00 $40.00 2
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Issuer Law Firms
(ranked by $ advised) Advised $ (m) Avg. $ (m) Deals
1 Shearman & Sterling $1,559.62 $779.81 2
2 Blake, Cassels & Graydon LLP $1,471.89 $1,471.89 1
2 Mayer Brown LLP $1,471.89 $1,471.89 1
4 Heller Ehrman/Venture Law Group $1,254.65 $313.66 4
5 Venable LLP $1,150.00 $1,150.00 1
6 Wachtell, Lipton, Rosen & Katz $855.00 $427.50 2
7 Neal, Gerber & Eisenberg $821.86 $821.86 1
8 Brownstein Hyatt & Farber, P.C. $684.00 $684.00 1
9 Sullivan & Cromwell $600.08 $600.08 1
10 Debevoise & Plimpton LLP $500.00 $500.00 1
11 Andrews & Kurth L.L.P. $316.46 $105.49 3
12 Skadden, Arps, Slate, Meagher & Flom LLP $162.50 $81.25 2
13 Gibson, Dunn & Crutcher, LLP $150.00 $150.00 1
14 Paul, Hastings, Janofsky & Walker LLP $133.23 $66.62 2
15 Latham & Watkins $117.12 $23.42 5
16 Crone Rozynko LLP $105.08 $35.03 3
17 Jones, Day, Reavis & Pogue $104.00 $52.00 2
18 Dillon, Bitar & Luther, L.L.C. $100.00 $100.00 1
19 Squire, Sanders & Dempsey L.L.P. $95.73 $95.73 1
20 Hunton & Williams $80.00 $40.00 2
21 Cooley Godward Kronish LLP $69.35 $23.12 3
22 Loeb & Loeb LLP $64.98 $13.00 5
23 Bracewell & Giuliani, L.L.P. $60.10 $60.10 1
24 Greenberg Traurig, LLP $52.64 $5.85 9
25 Foley & Lardner LLP $50.00 $50.00 1
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
2008 Top 25 PIPE Placement Agent Law Firms
(ranked by # of deals advised) Advised $ (m) Avg. $ (m) Deals
1 Feldman Weinstein & Smith LLP $86.07 $10.76 8
2 Lowenstein Sandler PC $648.23 $162.06 4
3 Winston & Strawn LLP $36.76 $12.25 3
4 Proskauer Rose LLP $154.35 $77.18 2
5 Skadden, Arps, Slate, Meagher & Flom LLP $1,471.89
$1,471.89 1
5 Stikeman Elliott LLP $1,471.89 $1,471.89 1
5 O’Melveny & Myers LLP $60.00 $60.00 1
5 Blake, Cassels & Graydon LLP $35.56 $35.56 1
5 Wilmer Cutler Pickering Hale and Dorr LLP $30.90 $30.90 1
5 Morse, Zelnick, Rose & Lander, LLP $6.00 $6.00 1
5 Keesal, Young & Logan $5.65 $5.65 1
5 Ellenoff Grossman & Schole LLP $3.65 $3.65 1
5 Cassels Brock & Blackwell LLP $2.80 $2.80 1
5 Bush Ross, P.A $2.00 $2.00 1
(1 ) Rankings for 1/1/08 - 3/31/08 (PrivateRaise.com data as of
5/2/08)
(2 ) Excludes Equity Line transactions
(3 ) Excludes PIPE transactions executed by Foreign-Based Issuers
that trade on the Over-the-Counter market (Pink-Sheets)
About PrivateRaise.com®
PrivateRaise.com Information Services can be accessed at: www.privateraise.com/prwelcome.php?r=38.
PrivateRaise.com's proprietary EPP Database is comprised of private placements of equity and equity-linked securities of at least US$1.0 million executed by: (i) public companies that are domiciled and/or have a primary listing in the U.S. and (ii) public, foreign-based companies that are dual-listed on any U.S. stock exchange or market and have consistent and/or significant trading activity (with limited exceptions).
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For more information contact:
PrivateRaise, LLC, New York
Phillip J. Kerewich
T: 212-688-4519
F: 212-688-1701
pkerewich@privateraise.com
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