Cowen and Company is a leading placement agent in the PIPEs/RDs market.

A RD offering is a "public style" transaction which is an extension of the PIPEs market; RDs have grown rapidly during the past several years and now account for approximately 10% of PIPEs overall. A RD offering is a “best efforts” placement of registered equity off an issuer’s existing effective shelf registration statement, generally, to a targeted number of institutional investors; the common stock is immediately eligible for resale.

The following Chart compares the various types of transactions. Chapter 1 ("Overview: An Emerging Market") of PIPEs “A Guide to Private Investments in Public Equity” (Revised and updated Edition) published by Bloomberg Press (2005) was authored by Cowen and contains more detailed information on the PIPEs and RDs market.