Initial Public Offerings

Cowen and Company is a leader in managing IPOs for growth-oriented companies.

The ECM team provides its clients with industry expertise, innovation and experience in efficiently managing and positioning early stage and/or unusual stories to the investor community. Cowen has achieved its market-leading role by embracing an aggressive and entrepreneurial culture. For example, Cowen re-opened the biotechnology window in 2003 by managing the first biotech IPO in nearly two years.

Follow-on Offerings

Cowen and Company is a leader in managing follow-on offerings for growth-oriented companies. The ECM team provides its clients with industry expertise and innovative advice with regard to secondary offerings. For example, Cowen developed a new product – the Accelerated Follow-On Offering (AFO) – in June 2001, to enable its clients to capitalize on favorable market conditions in the most efficient manner.

The ECM team helps its clients realize the best structure and timing for follow-on offerings.

Private Placements

Cowen Equity Group is a market leader in Private Placements, Private Investments in Public Equity (PIPEs), Registered Directs (RDs), and SPACs. By providing credible, third-party sponsorship, and leveraging its close relationship with the institutional investor community, Cowen and Company consistently positions issuers with leading investors.

The Private Equity Group maintains a proprietary database of over six thousand private equity, financial institutions, mutual funds, hedge funds, and strategic investors. This database allows the group to target the optimal investor universe for its clients, resulting in a more efficient private placement process.

The Cowen Advantage:

  • A focused group of highly experienced Private Placement specialists
  • Highly organized and expedient execution process saves management time and effort, and prepares a private issuer for an IPO
  • Flexible, nimble-footed execution of a growth oriented firm
  • Deep knowledge of private and public equity markets, based on established relationships and daily contact with equity and equity-linked investors worldwide
  • Strong distribution capabilities to leading private equity investors, financial institutions, mutual funds, hedge funds and sector specific funds through Cowen’s private placement bankers
  • Opportunity to participate in Cowen industry conferences and events
  • Cowen’s full-service investment banking platform can provide financing and advisory services through all stages of a company’s growth

PIPEs

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

The PIPEs market is a $27 billion financing market for public company issuers. A PIPEs transaction is the privately negotiated sale (i.e., private placement) of a public issuer’s equity or equity-linked securities to a targeted group of investors, where the sale is conditioned upon a subsequent registration statement being filed with, and declared effective by, the Securities Exchange Commission (“SEC”). This permits for the immediate resale of the securities purchased upon effectiveness.

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.

Registered Directs

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.