2024 H1: Canadian Exchange IPO light remains ghastly dim

All dollar ($) figures in Canadian dollars unless otherwise noted.

TORONTO, July 2, 2024 /Private Capital Newswire/ – PE Analytics is pleased to release its first half 2024 Canadian initial public offering (IPO) summary report today.

12 initial public offerings (IPOs) completed on the four Canadian exchanges in first half of 2024, raising $12.9 million in gross proceeds, or 6 IPOs for $11.45 million excluding Capital Pool Company (CPC) and special purpose acquisition corporation (SPAC) IPOs.

The IPO figures do not include five investment fund IPOs, including two publicly listed and three unlisted. Together the five investment fund IPOs raised $319 million.

2024 H1 non-CPC/SPAC IPO highlight: CSE, junior mining, cleantech

The Canadian Securities Exchange (CSE) led all non-CPC/SPAC IPOs with three IPOs for $6.8 million, accounting 50% of total number of IPOs and 53% of total amount.

Four junior mining IPOs, two each on the CSE and TSX Venture Exchange, raised aggregate gross proceeds of $2.25 million, accounting for 67% of total number of IPOs and 20% of the total amount.

Two cleantech IPOs raised $9.2 million in aggregate gross proceeds, or 80% of the total amount.

The largest IPO in the first half of 2024 was the $5.75 million cleantech offering by BluSky Carbon Inc. on the CSE.

Canadian IPOs on US or international exchanges

There was no direct IPO completed by Canadian companies on the US or international stock exchanges during the first half of 2024.

Junior Mining IPOs lead ahead – Q3 is as bleak as H1

There are 8 proposed non-CPC/SPAC IPOs, including one company stopping updating and likely having withdrawn unofficially: 7 on CSE and 1 on TSX Venture. None is on TSX.

7 of the 8 IPOs are junior mining companies. Only 3 IPOs have reached stage of final long form prospectus filing.

SPAC IPO

On June 26, 2024, Mercer Park Opportunities Corp., a Cayman Islands domiciled SPAC, filed a preliminary prospectus for a proposed IPO of $200 million.

Canadian participation in US and International IPOs

With the Canadian market remaining deserted and mostly forgotten, Canadian investors have been actively participated in US and international IPOs.

During the first half of 2024, Canadian investors invested CDN $310 million in 17 IPOs in companies located in the US, Bermuda, Mexico, Kazakhstan, Finland, France, Germany, Spain, Switzerland, and UK.

The amount invested by Canadian investors, is 27 times of the total amount raised ($11.45 million) by Canadian non-CPC/SPAC IPOs.

Summary report
Summary report can be downloaded from financings.ca website: https://www.financings.ca/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/CBOE Canada) 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’s only all financings database covering private (VC, PE, private exempt and non-exempt) and public financings by both Canadian and foreign firms, both debt and equity, 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 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 & Data Company