2021 Canadian exchange IPOs – red hot First Half, very cool Q3, what is next for Q4?

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By CPE Analytics

CPE Analytics is pleased to release the analysis of initial public offering (IPO) activities for the first nine months of 2021 on the Canadian Exchanges*.

Q3 IPO fundraising down substantially from Q1 and Q2

35 IPOs, including Capital Pool Company (CPC) and special purposes acquisition corporation (SPAC), completed on the Canadian Exchanges in Q3, 2021m raising $638 million, down 82% and 81% respectively from Q1 and and Q2.

Excluding CPC/SPAC, 10 IPOs closed on the exchanges for $364 million, comparing to 22 for $2.98 billion in Q1 and 25 for $3.28 billion Q2.

CSE IPOs stable and CPC Drives TSX-V IPOs

20 IPOs completed on the CSE in Q3, remaining stable with over 20 IPOs in the last four years, not experiencing with the up and down on the TSX and TSX-V.

70 IPOs completed on TSX-V in Q3, 60 of which were CPC IPOs. The 70 IPOs in Q3 was up from 39 IPOs in 2020, at par with 70 IPOs in 2019 and down from 107 in 2018.

29 IPOs completed on TSX in Q3, comparing to 11 in 2020, 4 in 2019 and 10 in 2018.

4 IPOs completed on NEO in Q3, all SPAC IPOs.

VC/PE IPOs went into hibernation in Q3, what is next in Q4

15 VC/PE back IPOs completed on Canadian exchanges in first half of 2020, accounting for lion’s share of IPO fundraising (78% of total non-CPC/SPAC IPO amount).

Lifespeak’s $125 million IPO on TSX was the only VC/PE backed IPO closed in Q3, accounting for 34% of non-CPC/SPAC IPO amount.

Q4 started with a red hot VC-backed Copperleaf Technologies $140 million IPO and Q4 Inc. has revived its dormant IPO at a proposed higher price.

It remains to be seen if the Copperleaf and Q4 IPOs would spark the revival IPO activities in Q4.

About CPE Analytics

Backed Canada’ all financings database, CPE Analytics is Canada only comprehensive data provider on Canadian exchange and Canadian foreign IPOs. CPE Analytics is a division of CPE Media & Data Company.

*CPE Analytics track IPOs on all four Canadian exchanges (CSE, TSX-V, TSX and NEO) and IPOs by Canadian companies on foreign exchange such as NASDAQ, NYSE. This analysis covers IPOs completed on the Canadian exchanges only.