2023 Canadian Exchange IPO drought, $202M, lowest since 2016

CPE Analytics

TORONTO, January 3, 2024 /Private Capital Newswire (pcNewswire)/ – 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)

2023 Canadian Exchange IPOs: Top Five Underwriters

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

2023 Canadian Exchange IPOs: Top Law Firms

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

The 2023 IPO summary report and other reports

Reports

Methodology and Terminology
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)

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CPE Analytics
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