2023 Canadian Exchange IPO drought, $202M, lowest since 2016
TORONTO, Jan. 3, 2024 /CNW/ - 51 initial public offerings (IPOs) completed on the three Canadian exchanges in 2023, raising $202 million or 21 IPOs for $189 million excluding Capital Pool Company (CPC) and special purpose acquisition corporation (SPAC) IPOs.
The $202 million amount in 2023 represents decreases of 88% and 98% from that of 2022 and 2021 respectively.
The $202 million represents $597 million drop from the previous low of $799 million recorded in 2016.
2023 Canadian exchange IPO highlights
- CSE led all non-CPC/SPAC IPOs with 18 IPOs or 86% of the total number of non-CPC/SPAC IPOs or 35% of total number of IPOs.
- Mining led all IPOs with 16 IPOs or 76% of number if non-CPC/SPAC IPOs or 31% of total number of IPOs. 15 of the 16 Mining IPOs were completed on CSE.
- PE-backed Lithium Royalty Corp. was the sole IPO on TSX, raising $150 million, accounting for 74% of the total IPO amount.
- Florida based Sucro Limited's IPO was the only non-Canadian IPO.
2023 Canadian IPOs on non-Canadian exchanges
- Pineapple Financial Inc. (NYSE American)
- U.S. GoldMining Inc. (NASDAQ)
- Lucy Scientific Discovery Inc. (NASDAQ)
Underwriter |
# IPOs |
$ M (Total) |
Haywood Securities Inc. |
11 |
6.7 |
Canaccord Genuity Corp. |
10 |
154.6 |
Leede Jones Gable Inc. |
9 |
5.3 |
Research Capital Corporation |
6 |
11.9 |
PI Financial Corp. |
5 |
2.1 |
Law Firm |
# IPOs |
$ M (Total) |
DS Lawyers Canada LLP |
12 |
7.6 |
MLT Aikins LLP |
8 |
9.8 |
Miller Thomson LLP |
7 |
4.2 |
Harper Grey LLP |
6 |
4.1 |
Dentons Canada LLP |
6 |
3.1 |
https://www.financings.ca/reports
CPC - capital pool company
SPAC – special purpose acquisition corporation also known as blank check company in the USA
Included:
Canadian exchange (CSE, TSX) (TSX-V, NEO) or cross-listed Canadian/foreign exchange IPOs, by both Canadian and foreign firms.
Excluded:
- IPOs by Canadian firms solely on foreign exchanges
- ETFs/closed-end funds, publicly listed or non-listed investment funds
- Non-offering listings by qualification of distribution of previously issued securities
- Reverse take-overs (RTOs), qualifying transactions (QTs), qualifying acquisitions (QAs)
Canadian Financings, a service of CPE Analytics, is Canada's only all financings database covering private (VC, PE, private exempt and non-exempt) and public financings by both Canadian and foreign firms, both debt and equity, IPOs, M&As, fundraisings by both Canadian and foreign, professional VC/PE firms, non-investment fund issuer funds, and investment funds. https://financings.ca
CPE Analytics is a Canadian all financing intelligence provider. We provide comprehensive, verified, and unbiased information and unmatched insights and intelligence on public financings, private financings, initial public offerings (IPOs), M&As, professional investment firm fundraising activities.
CPE Analytics is Canada's only provider of comprehensive IPO report and analysis.
CPE Analytics is the data analytics division of CPE Media & Data Company. https://cpeanalytics.ca
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SOURCE CPE Media & Data Company
Ted Liu, President & CEO, CPE Media & Data Company, 647-782-8818, [email protected]
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