PIPEs plod along through first half

PIPE activity was steady but subdued in the first half of 2025, with 3-8 offerings of at least $25 million announced each month, bringing in a total of $3.9 billion. April, which recorded no follow-on offerings over $25 million, saw the highest PIPE total at eight offerings raising $923 million.

That first half total barely surpassed February 2024, when 22 companies raised $3.8 billion — the largest monthly PIPE haul in recent years. Still, every month of 1H24 saw at least 11 offerings and more than $1.4 billion raised...