Raise capital is the most important target of IPO. After listing on U.S stock market, listing company could choose private investment in public equity (PIPE) to raise fund by issuing more equity to particular investors or institutions. Now PIPE has been a very popular manner of financing in U.S because of time efficiency, less risky, and it is good for secondary market performance. On the other hand, PIPE is applied not only NASDAQ but also OTCBB.