Canadian initial public offering (IPO) light has almost gone dark in Q4 2022, if not for 5 mining IPOs completed on the Canadian Securities Exchanges (CSE).
18 IPOs completed in Q4, 2022, consisting of 5 mining IPOs on CSE and 13 Capital Pool Company (CPC) IPOs on the TSX Venture Exchange (TSX-V). $8.5 million raised by all IPOs, $3.5 million of which raised by 5 CSE IPOs.
42 IPOs completed on the four Canadian exchanges in 2022, raising $1.33 billion or 114 IPOs for $1.68 billion including CPC and Special Purpose Acquisition Corporation (SPAC) IPOs.
CSE led all exchanges in total number of non-CPC/SPAC IPOs in 2022 with 26 IPOs, accounting for 62% of total number of non-CPC/SPAC IPOs.
Mining issuers led with 31 IPOs, representing 74% of total number of non-CPC/SPAC IPOs. 21 of the 31 IPOs were completed on the CSE.
News Release
CSE Mining IPOs keep Canadian Q4 IPO alive
TORONTO, January 5, 2023 – Canadian initial public offering (IPOs) market ended 2022 with an almost lifeless Q4, if not for the 5 mining IPOs completed on the Canadian Securities Exchanged (CSE), according to Canadian Financings’ IPO report released today.
(Dollar figures are in Canadian dollar, unless otherwise noted)
18 IPOs completed in Q4, 2022, consisting of 5 mining IPOs on CSE and 13 Capital Pool Company (CPC) IPOs on the TSX Venture Exchange (TSX-V).
$8.5 million raised by all IPOs, $3.5 million of which raised by 5 CSE IPOs.
For the year, 42 IPOs completed on the four Canadian exchanges in 2022, raising $1.33 billion or 114 IPOs for $1.68 billion including CPC and Special Purpose Acquisition Corporation (SPAC) IPOs.
CSE led all exchanges in total number of non-CPC/SPAC IPOs in 2022 with 26 IPOs, accounting for 62% of total number of non-CPC/SPAC IPOs.
TSX IPOs raised $1.51 billion from 5 IPOs or $1.19 billion if 2 SPAC IPOs were excluded.
Breakdowns by Exchanges (bracket – non-CPC/SPAC)
- CSE – 26 IPOs for $29 million (26 IPOs for $29 million)
- NEO – 1 IPO for $2 million (1 IPO for $2 million)
- TSX – 5 IPOs for $1,509 million (3 IPOs for $1,187 million)
- TSX Venture – 82 IPOs for $144 million (12 IPOs for $107 million)
2022 was a predominately mining IPO year with 31 IPOs, representing 74% of total number of non-CPC/SPAC IPOs. 21 of the 31 IPOs were completed on the CSE.
Ivanhoe Electric Inc.’s US $169 million IPO on TSX and NYSE American was the lone VC/PE IPO in 2022.
Austin Gold Corp.’s IPO on NYSE American and Bruush Oral Care Inc.’s IPO on NASDAQ were 2 IPOs completed by Canadian companies listed solely on foreign exchanges.
Top Law Firms by # of IPOs (7+)
- MLT Aikins LLP
- Vantage Law Corporation
- Harper Grey LLP
- Miller Thomson LLP
- DS Lawyers LLP (Calgary)
- DuMoulin Black LLP
- Fasken Martineau DuMounlin LLP
- McMillan LLP
- Borden Ladner Gervais LLP
- Cassels Brock & Blackwell LLP
- DLA Piper (Canada) LLP
- Gretz Prince Wells LLP
- Peterson McVicar LLP
- Haywood Securities Inc.
- Canaccord Genuity Corp.
- Research Capital Corporation
- Leede Jones Gable Inc.
- PI Financial Corp.
- iA Private Wealth Inc.
- BMO Nesbitt Burns Inc.
- Richardson Wealth Limited
Top Investment Dealers by # of Lead/co-Lead IPOs (3+)
Report Summary
2022 Canadian IPO Summary Overview is available from financings.ca: https://www.financings.ca/reports/
Methodology and Terminology
CPC – capital pool company
SPAC – special purpose acquisition corporation also 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
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