Home Breadcrumb caret Industry News Breadcrumb caret Industry Canadian IPO activity fell to drought levels in 2023 Only $202 million was raised in 51 initial public offerings, according to market research firm By Staff | January 3, 2024 | Last updated on January 4, 2024 1 min read iStock / Cemagraphics Initial public offering (IPO) activity on the three Canadian financial exchanges fell off a cliff in 2023, according to new numbers from CPE Analytics. The market research firm reported that just 51 IPOs were completed last year, raising a total of $202 million — a drop of 88% from 2022, and 98% from 2021 levels. That $202 million was $597 million lower than the previous low of $799 million, recorded in 2016. Excluding capital pool company (CPC) and special purpose acquisition corporation (SPAC) IPOs, there were just 21 IPOs in 2023, raising a total of $189 million. According to a release from CPE Analytics, the Canadian Securities Exchange (CSE) led all non-CPC/SPAC IPOs with 18 IPOs (86% of the total number of non-CPC/SPAC IPOs, or 35% of total number of IPOs). Mining led the way with 16 IPOs, 15 of which were completed on CSE. Lithium Royalty Corp. — a private equity backed company — was the sole IPO on the Toronto Stock Exchange, raising $150 million and accounting for 74% of the total IPO amount. Florida-based Sucro Limited’s IPO was the only non-Canadian IPO on the three Canadian financial exchanges. The top underwriters in Canadian-exchange IPOs in 2023 were Haywood Securities Inc. (11 IPOs, raising $6.7 million), Canaccord Genuity Corp. (10 IPOs, raising $154.6 million), Leede Jones Gable Inc. (nine IPOs, $5.3 million), Research Capital Corporation (6 IPOs, $11.9 million) and PI Financial Corp. (5 IPOs, $2.1 million). CPE Analytics reports on public financings, private financings, IPOs, M&As, and professional investment firm fundraising activities. Subscribe to our newsletters Subscribe Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo