CPE Analytics, through Canadian Financings, has reported 34 Canadian initial public offerings (IPOs) on the Canadian exchanges in the first half of 2023, raising $172 million or $163 million from 13 IPOs, excluding Capital Pool Company (CPC) and special purpose acquisition corporation (SPAC) IPOs, reported by CPE Analytics.
“Based on annualized results from the first half results, 2023 would be on its way to raise $344 million and become the worst IPO year in term of total amount raised, representing less than 50% of the $799 million raised in 2016, the previous worse IPO year since 2016.”
First Half of 2023 Canadian IPOs – CSE, Mining, BC and CPC
TORONTO, July 4, 2023 – /Private Capital Newswire (pcNewswire)/ – 34 Canadian initial public offerings (IPOs) completed on the Canadian exchanges in the first half of 2023, raising $172 million or $163 million from 13 IPOs, excluding Capital Pool Company (CPC) and special purpose acquisition corporation (SPAC) IPOs, reported by CPE Analytics.
Based on annualized results from the first half results, 2023 would be on its way to raise $344 million and become the worst IPO year in term of total amount raised, representing less than 50% of the $799 million raised in 2016, the previous worse IPO year since 2016.
The extraordinary quietness of Canadian IPO activities in the first half of 2023 can be summarized in four words: CSE, Mining, BC and CPC.
Canadian Securities Exchange (CSE)
12 Canadian IPOs completed on the CSE, accounting for 92% of Canadian non-CPC/SPAC IPOs or 35% of all Canadian exchange IPOs.
Mining
12 Canadian Mining IPOs, 11 of which on the CSE, completed for gross proceeds of $157 million, accounting for 96% of total amount raised by non-CPC/SPAC IPOs or 91% of all IPOs on Canadian exchanges.
Lithium Royalty Corp.’s $150 million IPO on TSX accounted for 95% of the total mining IPO amount, 92% of all non-CPC/SPAC IPO amount or 87% of all IPO amount.
British Columbia (BC)
24 IPOs completed by BC companies for $11 million, accounting for 71% of the total number of all IPOs.
Excluding CPC/SPAC, 11 IPOs completed by BC companies for $7, accounting for 85% of the total number of non-CPC/SPAC IPOs. 2 Ontario IPOs accounted for the remaining 15% of non-CPC/SPAC IPOs.
Capital Pool Company (CPC)
21 CPC IPOs completed on TSX Venture Exchange (TSX-V) for $9 million, accounting for 62% of all IPOs. IPOs on TSX-V in the first half were exclusively CPC.
First Half of 2023 Canadian IPOs by Exchange
| Exchange | Non-CPC/SPAC IPOs | All IPOs | ||
| # | $ Millions | # | $ Millions | |
| CSE | 12 | 13.2 | 12 | 13.2 |
| TSX | 1 | 150.0 | 1 | 150.0 |
| TSX Venture | 0 | 0.0 | 21 | 8.8 |
| NEO | 0 | 0.0 | 0 | 0.0 |
| Total | 13 | 163.2 | 34 | 172.0 |
1st Half of 2023 Canadian IPOs: Top Five Underwriters
| Underwriter | # IPOs | $ Millions |
| Haywood Securities Inc. | 8 | 3.0 |
| Canaccord Genuity Corp. | 6 | 153.1 |
| Leede Jones Gable Inc. | 5 | 2.9 |
| PI Financial Corp. | 5 | 2.1 |
| Research Capital Corporation | 4 | 6.9 |
1st Half of 2023 Canadian IPOs: Top Law Firms
| Law Firm | # IPOs | $ Millions |
| DS Lawyers Canada LLP | 10 | 5.4 |
| MLT Aikins LLP | 6 | 8.2 |
| Miller Thomson LLP | 5 | 3.3 |
| McMillan LLP | 4 | 2.6 |
| Dentons Canada LLP | 4 | 2.4 |
1st Half of 2023 Canadian IPOs on foreign exchange
U.S. GoldMining Inc. (NASDAQ: USGO) – US $20 million
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) – US $5.8 million
Methodology and Terminology
CPC – capital pool company
SPAC – special purpose acquisition corporation also known as blank check company in the US
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
Canadian Financings, a service of CPE Analytics, is Canada only all financings database covering private (VC, PE, private exempt and non-exempt) and public financings by both Canadian and foreign firms, 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
CPE Analytics is a leading 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
CPE Media & Data Company
Founded by Canada’s most experienced private capital and financing research experts, CPE Media & Data Company is Canada’s leading all financing news and data provider. https://cpecompany.ca
Source: CPE Media Inc.