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PIPEs: A Guide to Private Investments in Public Equity: Revised and Updated Edition (Bloomberg Financial)
Product Type: Book
Product Price: $79.95
Manufacturer: Bloomberg Press
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Description
PIPEs, or public investments in public equity, are attracting tremendous interest, as the number of deals surges annually and industry conferences draw sellout crowds. There were more than 1,700 PIPE deals in 2004, an increase of 64% over 2002. This expanded edition of the landmark book on PIPEs has been completely updatd to reflect the latest trends, regulations, and opportunities.
In PIPE trasactions, public companies issue stocks and bonds directly (and often discreetly) to large institutional investors, rather than trying to raise capital in the stock and bond markets. These trasactions have become an attractive financiing alternative for comanies seeking capital and investors seeking high returns.
PIPEs details how these deals are done, for what reasons, and with what caveats. With contributions by the foremost practitioners in the field, this will be definitive book on PIPEs for years to come.
This is invaluable to bankers, attorneys, investors, analysts, and corporate executives participating in PIPEs or exploring the possibility.
Reviews
Rating: 4 / 5
Date: 2009-06-02
Summary: "Very Good Textbook on PIPES"
If you are looking for comprehensive information on PIPEs, unfortunately there is not much to choose from. This book is broken into 3 sections: PIPE Business; Regulatory & Structural Alternatives; and Deal Flow. There are 11 subsections each written by a different author all of whom are major players in the PIPE business.
What PIPEs are, how they work, and why and how they're used are all covered exceptionally well. I have the revised 2006 edition, and while the regulatory aspects are covered in rich detail, there seems to be frequent and sudden change in this department so a 2009 edition would be welcome.
I found the Deal Flow section to be very helpful, and it includes term sheets using various securities. There is some general explanations of hedging, and also a section on Reverse Mergers. I would have liked to see more information provided regarding discounting of the shares issued and the exit strategies for investors. While the authors show the name of their company, I would also have liked to see some kind of directory of major PIPE companies.
Overall its an excellent reference book offering general coverage of PIPE transactions. It is easy to comprehend and very readable.
Rating: 4 / 5
Date: 2007-01-20
Summary: "Well done"
This book is very informative and presents a solid view into the private placement world. The only reason not to give this book 5 stars is that some of the material was redundant.
Rating: 5 / 5
Date: 2005-04-21
Summary: "Best PIPE book out there"
The most informative book about Private Investments in Public Equity out there. In particular, Richard Gormley's chapter on the emergence of the PIPEs market is brilliant. Gormley's knowledgeable discussion of the market, structure and dynamics of PIPEs is both informative and practical, and leaves the reader with a good understanding of this important, developing financing alternative.
Rating: 5 / 5
Date: 2004-06-20
Summary: "Superb Introduction to PIPES through 2002"
Seldom have I read as informative and as easy to understand a book as this one on a little understood area of private finance. PIPEs (Private Investments in Public Equity) mainly appear in the business press when something goes spectacularly wrong, so they have had a spotty reputation. With a weak stock market since 1999, it?s been harder to make money on PIPEs as an investor. But PIPEs have been even more important to those smaller companies which need equity financing before they can do a public offering. So PIPEs are here to stay, and this book is a superb way to begin your introduction.
The book uses essays from top professionals in the field to define the different types of PIPEs; measure the history of PIPEs; describe the perspectives of issuers, lawyers, bankers, accountants and investors; outline the legal issues involved; show examples through term sheets, case histories and due diligence examples; and describe probable future develops in the field. If the book has a weakness, it is that the essays have some repetition in them . . . but that's essential to be sure that the terms being used are understood clearly by the reader.
This book will be essential reading for CFOs, treasurers, hedge fund managers, venture capitalists, bankers, lawyers, accountants, consultants, scholars and finance students.
I thought that the material in Part Three was the strongest in the book. You will probably understand the subject better if you skip to Part Three after reading the overview by Richard E. Gormley and David W Stadinksi from SG Cowen. Then go back to the second essay by E. Kurt Kim of PrivateRaise and follow through to the end of Part Two. If you don't need to understand the legal background, you can skip Part Two.
Anyone who wants to learn how to do better due diligence in any area of finance can learn a lot from the fine essay by Stewart R. Flink of Crestview Capital Funds, "Due Diligence: Caveat Emptor Squared."
I was particularly pleased to see that the essays generously point out all of the ways that these deals can be misstructured, and how you can make a mistake as an investor. Hopefully, the track record of future PIPEs deals will improve as a result.
Rating: 5 / 5
Date: 2004-05-01
Summary: "Highly Recommended!"
This is an excellent and comprehensive introduction to PIPEs. The acronym stands for Private Investment in Public Equity, and this includes not only common stock but warrants and other permutations of equity. Companies often issue PIPEs when they need capital but when market conditions make it imprudent to raise funds through a public offering. Most PIPEs investors are sophisticated institutions, and hedge funds are probably the most active participants in the market. PIPEs are a high-risk investment with abundant legal, market, regulatory and other complexities. This book neither attempts to sell PIPEs nor to discourage people from buying them. While somewhat repetitive, it is reasonably objective and reasonably thorough. We strongly recommend it to professional investors.