2020 Canadian IPO mixed results - number (77) down, amount ($5.55B) up driven by PE-backed IPOs

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CPE Media Inc.

Jan 05, 2021, 09:30 ET

TORONTO, Jan. 5, 2021 /CNW/ - While the US initial public offering (IPO) and special purpose acquisition corporation (SPAC) market experienced an unprecedent boom in 2020, Canadian IPO market continued to struggle with mixed results.

77 IPOs including capital pool companies (CPCs) and SPACs were completed in 2020 on four Canadian stock exchanges, raising $5.55 billion in aggregate gross proceeds, or excluding CPCs and SPACs, 43 IPOs for $4.85 billion.

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Canadian IPO Quarterly Trend (CNW Group/CPE Media Inc.)
Canadian IPO Quarterly Trend (CNW Group/CPE Media Inc.)

The 2020 IPO numbers represent a decrease of 29% in total number of IPOs and an increase of 116% in total amount or, excluding CPC/SPAC IPOs, a decrease of 7% in total IPO number and an increase of 605% in total amount from 2019.

Excluding CPC/SPAC IPOs, CSE continues to lead all Canadian exchanges with 25 IPOs (58%), comparing to 31 IPOs (67%) in 2019. 

Mining issuers led all sectors with 23 IPOs for $324 million, accounting for 53% and 7% of the total number of Non-CPC/SPAC IPOs and total amount respectively.

4 Private Equity (PE) and 2 Venture Capital (VC) backed IPOs dominated the total amount, raising $3,395 million and $144 million respectively, or $3,539 million in aggregate, representing 64% of total IPO amount or 73% of total Non-CPC/SPAC IPO amount.

2020 IPO Breakdown by Exchanges (Non-CPC/SPAC)

  • CSE – 25 IPOs for $43 million (25 IPOs for $43 million)
  • TSX – 11 IPO for $4,726 million (10 IPOs for $4,460 million)
  • TSX Venture Exchange – 39 IPOs for $364 million (8 IPOs for $350 million)
  • NEO – 2 IPOs for $421 million (nil)

2020 Canadian IPOs League Table – Top 8 Law Firms (by # IPOs only)

All IPO Ranking (#, $total IPO value)

  1. Miller Thomson LLP (13, $17M)
  2. Blake, Cassels & Graydon LLP (11, $1,549M)
  3. DuMoulin Black LLP (8, $17M)
  4. Cassels Brock & Blackwell LLP (7, $38M)
  5. Harper Grey LLP (7, $10M)
  6. MLT Aikins LLP (7, $5M)
  7. Peterson McVicar LLP (7, $2M)
  8. Borden Ladner Gervais LLP (6, $12M)

Non-CPC/SPAC IPO Ranking (#, $total IPO value)

  1. Blake, Cassels & Graydon LLP (8, $861M)
  2. Miller Thomson LLP (7, $16M)
  3. Stikeman Elliott LLP (5, $2,165M)
  4. DuMoulin Black LLP (5, $16M)
  5. Harper Grey LLP (5, $10M)
  6. Cassels Brock & Blackwell LLP (4, $37M)
  7. Vantage Law Corporation (4, $6M)
  8. Lotz & Company (4, $2M)

2020 Canadian IPOs League Table – Top 13 Underwriters (by # IPOs Only)

All IPO Ranking (#, $total IPO value)

  1. Canaccord Genuity Corp. (26, $2,535M)
  2. Haywood Securities Inc. (24, $ 25M)
  3. BMO Nesbitt Burns Inc. (12, $ 4,651M)
  4. Scotia Capital Inc. (9, $4,349M)
  5. CIBC World Markets Inc. (8, $4,372M)
  6. Leede Jones Gable Inc. (8, $12M)
  7. Raymond James Ltd. (7, $4,053M)
  8. TD Securities Inc. (7, $4,045M)
  9. National Bank Financial Inc. (7, $4,039M)
  10. Industrial Alliance Securities Inc. (7, $1,017M)
  11. Mackie Research Capital Corporation (7, $9M)
  12. RBC Dominion Securities Inc. (6, $4,006M)
  13. Stifel Nicolaus Canada Inc. (6, $3,623M)

Non-CPC/SPAC IPO Ranking (#, $total IPO value)

  1. Canaccord Genuity Corp. (17, $1,846M)
  2. BMO Nesbitt Burns Inc. (12, $4,651M)
  3. Haywood Securities Inc. (9, $20M)
  4. Scotia Capital Inc. (9, $4,349M)
  5. CIBC World Markets Inc. (8, $4,372M)
  6. Raymond James Ltd. (7, $4,053M)
  7. TD Securities Inc. (7, $4,045M)
  8. National Bank Financial Inc. (7, $4,039M)
  9. RBC Dominion Securities Inc. (6, $4,006M)
  10. Stifel Nicolaus Canada Inc. (6, $3,623M)
  11. Leede Jones Gable Inc. (6, $12M)
  12. Mackie Research Capital Corporation (6, $8M)
  13. Desjardins Securities Inc.  (5, $952M)

2020 Top Five Canadian IPOs (Canadian and foreign exchanges)
Three of top five Canadian IPOs were done on the NASDAQ Exchange. The Top Five are backed either by private equity or venture capital firms.

Issuer

Backed

Close Date

$ Raised (Mil)

Exchange(s)

Valuation* ($Mil)

GFL Environmental Inc.

PE

2020-03-05

$1,425 (US)

TSX/NYSE: GFL

$6,416 (US)

Nuvei Corporation

PE

2020-09-22

$805 (US)

TSX: NVEI

$3,390 (US)

AbCellera Biologics Inc.

VC

2020-12-15

$555 (US)

NASDAQ: ABCL

$5,384 (US)

Repare Therapeutics Inc.

VC

2020-06-23

$253 (US)

NASDAD: RPTX

$700 (US)

Fusion Pharmaceuticals Inc.

VC

2020-06-30

$213 (US)

NASDAQ: FUSN

$708 (US)

Report Summary
2020 Canadian IPO Report Summary can be downloaded from financings.ca https://www.financings.ca/reports/

About CPE Analytics

CPE Analytics, through financings.ca, is Canada's all public and private financing data provider. We offer comprehensive data coverage and analysis on private capital and public financings, IPOs, M&As and VC/PE fundraising. More information:  https://cpeanalytics.ca

CPE Analytics is a division of CPE Media Inc., Canada's all financing news and data provider.

SOURCE CPE Media Inc.

Ted Liu, President, CPE Media Inc., [email protected], 647-782-8818

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