Our key observations:
Life sciences transaction count surged by 48.6% in the first half of 2024 compared to the same period in 2023. PIPEs and RDOs are proving crucial for these companies to raise capital, especially amid the uncertain market conditions. In contrast, the technology sector saw flat deal count in the first half of 2024 compared to the same period in 2023. Additionally, tech companies raised 62.5% fewer funds through PIPEs and RDOs compared to the first half of 2023. Security pricing for PIPEs and RDOs is becoming more company-favorable. The average PIPE discount dropped to 1.1% and RDOs were priced at an average premium of 6.3% above market price in 1H 2024. Despite market volatility, high interest rates, and ongoing geopolitical conflicts, IPO and new issue markets are gradually reopening. However, due to the upcoming U.S. presidential election, companies might continue to explore alternatives to traditional underwritten offerings to meet their financing needs.
The report excludes data related to
PIPEs by special purpose acquisition companies (SPACs) and equity lines of
credit.
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