PIPEs
The definitive guide to PIPEs (private investment in public equity) presenting the views, voices, and invaluable expertise of leading practitioners from all specialties in the field.
PIPEs, or private investments in public equity, are an increasingly important financing alternative for companies. Steven Dresner, who publishes The PIPEs Report, the first publication in this field, and E. Kurt Kim, CEO of PrivateRaise, a leading source for comprehensive market intelligence on private placements, are perfectly positioned in the field. The first edition has become the standard reference on PIPEs. This edition both updates and improves on that standard.
The use of PIPEs as a means for public companies to raise capital has grown considerably over the past decade. A PIPE, or private investment in public equity, was once a little-understood strategy used by relatively few companies and investors. Today these privately negotiated transactions offer a practical (and in many cases, preferred) financing alternative for companies, regardless of their size or sector. They also present opportunity for investors and advisers who know how to identify and execute viable PIPE transactions.
Here at last is the definitive guide to PIPEs, presenting the views, voices, and invaluable expertise of leading practitioners from all specialties in the field. The book is divided into three parts: “The Business of PIPEs,” which provides a historical backdrop and overview; “Regulatory Landscape and Structural Alternatives,” which details the legal framework and transaction structures; and “Deal Flow,” which offers the investor’s perspective on assessing and investing in deals.
Thorough discussions, ranging from the origins of the marketplace to deal structures, from legal considerations to due diligence, and from finding opportunities to trading strategies, this book provides a rich perspective on the inner workings of this active area of the private equity market. Institutional investors, financial analysts, investment bankers, corporate and securities attorneys, executives of public companies, and even the sophisticated investor will find substantial value in the pages of this book.
REVIEWS :“Both practitioners and students of the private equity industry
should find this book valuable.”
Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard
Business School
“A blueprint to structuring and investing in PIPEs.”
Heather S. Nicolau, Private Placement Group, Credit Suisse First Boston
“How does one learn to utilize the most popular financial tool for
raising equity capital in the next decade? It is by reading PIPES, the
leading guide with the combined expertise of more than a dozen thought
leaders, sharing their cumulative knowledge in this field.”
P. Morgan Kash, Senior Managing Director, Paramount Capital, Inc.,
Adjunct Professor, The Wharton School of Business, Visiting Professor,
Nihon University, Tokyo, Japan
Hardback, 400 Pages, Dimensions 234 x 156 MM Language English.
Part One | The Business of PIPEs
1 Overview: An Emerging Market
2 The Marketplace: A Statistical Summary
3 A Historical Perspective: The Bubble, Converts, and the Birth of Structured PIPEs
4 The Players: Issuers, Investors, Agents and Regulators
Part Two | Regulatory Landscape and Structural Alternatives
5 The Law: Legal and Regulatory Framework
6 Fundamental PIPEs: Typical Structures and Transactions
7 Registered PIPEs: Registered Direct Transactions
8 Litigation Strategies: Managing Litigation Risk and Addressing Other Investor Concerns
Part Three | Deal Flow
9 Managing Risk: Securities Structures, Trading, and Deal Documentation
10 Due Diligence and Valuation Policy: Caveat Emptor Squared
11 Reverse Mergers + PIPEs: The New Small-Cap IPO
Steven Dresner is the founder of VCOM Corporation, a telecommunications technology firm, and more recently, DealFlow Media Inc., publisher of The PIPEs Report, The Secured Debt Report, and The Reverse Merger Report. Dresner currently serves as a general partner of Strategic Alliance Fund LP, a specialty investment vehicle. Dresner has a BS in psychology from the George Washington University, an MBA in finance, and a graduate degree in computer communications and networks from Pace University.
E. Kurt Kim is the founder and chief executive officer of PrivateRaise, LLC (www.PrivateRaise.com), the leading research consultancy for comprehensive market intelligence and analysis pertaining to private placements of equity and equity-linked securities executed by public companies. PrivateRaise.com was awarded Forbes's 2002 Best of the Web designation in the Financial Content Provider category. Mr. Kim has spent the past decade in various advisory and deal-making capacities within the financial-services sector.