TORONTO, Jan. 5, 2021 /CNW/ - While the US initial
public offering (IPO) and special purpose acquisition corporation
(SPAC) market experienced an unprecedent boom in 2020, Canadian IPO
market continued to struggle with mixed results.
77 IPOs including capital pool companies (CPCs) and SPACs were
completed in 2020 on four Canadian stock exchanges, raising
$5.55 billion in aggregate gross
proceeds, or excluding CPCs and SPACs, 43 IPOs for $4.85 billion.
The 2020 IPO numbers represent a decrease of 29% in total number
of IPOs and an increase of 116% in total amount or, excluding
CPC/SPAC IPOs, a decrease of 7% in total IPO number and an increase
of 605% in total amount from 2019.
Excluding CPC/SPAC IPOs, CSE continues to lead all Canadian
exchanges with 25 IPOs (58%), comparing to 31 IPOs (67%) in
2019.
Mining issuers led all sectors with 23 IPOs for $324 million, accounting for 53% and 7% of the
total number of Non-CPC/SPAC IPOs and total amount
respectively.
4 Private Equity (PE) and 2 Venture Capital (VC) backed IPOs
dominated the total amount, raising $3,395
million and $144 million
respectively, or $3,539 million in
aggregate, representing 64% of total IPO amount or 73% of total
Non-CPC/SPAC IPO amount.
2020 IPO Breakdown by Exchanges (Non-CPC/SPAC)
- CSE – 25 IPOs for $43 million (25
IPOs for $43 million)
- TSX – 11 IPO for $4,726 million
(10 IPOs for $4,460 million)
- TSX Venture Exchange – 39 IPOs for $364
million (8 IPOs for $350
million)
- NEO – 2 IPOs for $421 million
(nil)
2020 Canadian IPOs League Table – Top 8 Law Firms (by # IPOs
only)
All IPO Ranking (#, $total IPO value)
- Miller Thomson LLP (13, $17M)
- Blake, Cassels & Graydon LLP (11, $1,549M)
- DuMoulin Black LLP (8, $17M)
- Cassels Brock & Blackwell
LLP (7, $38M)
- Harper Grey LLP (7, $10M)
- MLT Aikins LLP (7, $5M)
- Peterson McVicar LLP (7, $2M)
- Borden Ladner Gervais LLP (6, $12M)
Non-CPC/SPAC IPO Ranking (#, $total IPO value)
- Blake, Cassels & Graydon LLP (8, $861M)
- Miller Thomson LLP (7, $16M)
- Stikeman Elliott LLP (5, $2,165M)
- DuMoulin Black LLP (5, $16M)
- Harper Grey LLP (5, $10M)
- Cassels Brock & Blackwell
LLP (4, $37M)
- Vantage Law Corporation (4, $6M)
- Lotz & Company (4, $2M)
2020 Canadian IPOs League Table – Top 13 Underwriters (by #
IPOs Only)
All IPO Ranking (#, $total IPO value)
- Canaccord Genuity Corp. (26, $2,535M)
- Haywood Securities Inc. (24, $
25M)
- BMO Nesbitt Burns Inc. (12, $
4,651M)
- Scotia Capital Inc. (9, $4,349M)
- CIBC World Markets Inc. (8, $4,372M)
- Leede Jones Gable Inc. (8, $12M)
- Raymond James Ltd. (7, $4,053M)
- TD Securities Inc. (7, $4,045M)
- National Bank Financial Inc. (7, $4,039M)
- Industrial Alliance Securities Inc. (7, $1,017M)
- Mackie Research Capital Corporation (7, $9M)
- RBC Dominion Securities Inc. (6, $4,006M)
- Stifel Nicolaus Canada Inc. (6, $3,623M)
Non-CPC/SPAC IPO Ranking (#, $total IPO value)
- Canaccord Genuity Corp. (17, $1,846M)
- BMO Nesbitt Burns Inc. (12, $4,651M)
- Haywood Securities Inc. (9, $20M)
- Scotia Capital Inc. (9, $4,349M)
- CIBC World Markets Inc. (8, $4,372M)
- Raymond James Ltd. (7, $4,053M)
- TD Securities Inc. (7, $4,045M)
- National Bank Financial Inc. (7, $4,039M)
- RBC Dominion Securities Inc. (6, $4,006M)
- Stifel Nicolaus Canada Inc. (6, $3,623M)
- Leede Jones Gable Inc. (6, $12M)
- Mackie Research Capital Corporation (6, $8M)
- Desjardins Securities Inc. (5, $952M)
2020 Top Five Canadian IPOs (Canadian and foreign
exchanges)
Three of top five Canadian IPOs were done on the
NASDAQ Exchange. The Top Five are backed either by private equity
or venture capital firms.
Issuer
|
Backed
|
Close Date
|
$ Raised
(Mil)
|
Exchange(s)
|
Valuation*
($Mil)
|
GFL Environmental
Inc.
|
PE
|
2020-03-05
|
$1,425
(US)
|
TSX/NYSE:
GFL
|
$6,416
(US)
|
Nuvei
Corporation
|
PE
|
2020-09-22
|
$805 (US)
|
TSX: NVEI
|
$3,390
(US)
|
AbCellera Biologics
Inc.
|
VC
|
2020-12-15
|
$555 (US)
|
NASDAQ:
ABCL
|
$5,384
(US)
|
Repare Therapeutics
Inc.
|
VC
|
2020-06-23
|
$253 (US)
|
NASDAD:
RPTX
|
$700 (US)
|
Fusion
Pharmaceuticals Inc.
|
VC
|
2020-06-30
|
$213 (US)
|
NASDAQ:
FUSN
|
$708 (US)
|
Report Summary
2020 Canadian IPO Report Summary can be
downloaded from financings.ca
https://www.financings.ca/reports/
About CPE Analytics
CPE Analytics, through financings.ca, is Canada's all public and private financing data
provider. We offer comprehensive data coverage and analysis on
private capital and public financings, IPOs, M&As and VC/PE
fundraising. More information:
https://cpeanalytics.ca
CPE Analytics is a division of CPE Media Inc., Canada's all financing news and data
provider.
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