Stock Swings May Spur At-the-Market Offerings After Record High

By Jacob Rund

At-the-market offerings may be primed for even more growth in 2018, after a record year propelled by ONEOK Inc., BGC Partners Inc., and other companies seeking low-cost capital.

These offerings let companies decide when to issue additional shares at the prevailing market price. Companies listed on U.S. exchanges announced 205 ATM offerings valued at a collective $27.82 billion last year, topping the $23.01 billion value of the 189 offerings in 2016, according to an analysis by Bloomberg Law.

ATMs may be particularly attractive this year because of erratic market conditions. ATM program values spiked to more than ...