H1 2020 Canadian IPO - CSE leads in number of non-CPC/SPAC IPOs (88%), GFL IPO accounts 77% of IPO amount

TORONTO, July 14, 2020 /CNW/ - CPE Analytics is pleased to release the Canadian initial public offering (IPO) report¹ for the first half (H1) of 2020.

35 IPOs completed on four Canadian Exchanges, Canadian Securities Exchange (CSE), Toronto Stock Exchange (TSX), TSX Venture Exchange (TSX Venture) and NEO Exchange (NEO),  for $2.48 billion in gross proceeds, or 17 IPOs for $2.12 billion, if Capital Pool Company (CPC) ad Special Purpose Acquisition Corporation (SPAC) IPOs were excluded.

First Half (H1) Canadian IPO Report (CNW Group/CPE Media Inc.)

The H1 2020 results represent a decrease of 36% in total number of IPOs and an increase of 140% in total amount from H1 2019, or a decrease of 19% and an increase of 457% in total number of non-CPC/SPAC IPOs and total non-CPC/SPAC amount respectively from H1 2019.

First Half of 2020 Highlights

• CSE led all Canadian Exchanges in number of non-CPC/SPAC IPOs, accounting for 15 of 17 non-CPC/SPAC IPOs (88%), 43% of all IPOs.
• BC Partners, Ontario Teachers' Pension Plan, and GIC Private backed GFL Environmental Inc. (TSX/NYSE: GFL), raised $1.9B in a cross-border IPO, representing 90% of all non-CPC/SPAC amount or 77% of all IPO amount.
• Mining issuers, all of them on CSE, accounted for 56% of total number of non-CPC/SPAC IPOs or 28% of all IPOs.

Breakdown by Exchanges (bracket non-CPC/SPAC)

• CSE – 15 IPOs for $23.81 million (15 IPOs for $23.81 million)
• TSX – 1 IPO for $1,899.95 million (1 IPO for $1,899.95 million)
• TSX Venture – 17 IPOs for $198.45 million (1 IPO for $193.22 million)
• NEO – 2 IPOs for $360.45 million (no IPO)

Canadian IPOs on NASDAQ and NYSE

Two venture backed Canadian biotech companies, Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) and Repare Therapeutics Inc. (NASDAQ: RPTX), completed their IPOs on Nasdaq in June 2020, raising US $213 million and $253 million respectively.

GFL Environmental Inc. completed its cross-border IPO in March on TSX and NYSE.

Impact of COVID-19

Though only $13.22 million raised through 13 IPOs in Q2 2020, the impact of COVID-19 is inconclusive, due to the relatively small size of the Canadian IPO market.  COVID-19 may help drive mining and biotech IPOs in the second half, due to renewed investor interests in gold/precious metal and biotech companies.

League Table

Rankings of underwriters and law firms will be released in full 2020 report.

Report

H1 2020 IPO report can be downloaded from financings.ca website:  https://www.financings.ca/reports/

About CPE Analytics

CPE Analytics, through financings.ca, is Canada's all 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.

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¹ Excluded - ETFs/closed-end funds; IPOs by qualification of distribution of previously issued securities; initial listings from foreign exchanges

SOURCE CPE Media Inc.

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