Skip to content Skip to footer
Search

Loading Results

Canadian IPO market: 2020 will go down as the year that surpassed the $1 billion mark

07/01/21

Toronto, January 7, 2021 – The Canadian IPO market surprised in 2020 with proceeds in excess of $5 billion for the year, despite fewer new issuances than in previous years. This is five times the value of offerings completed in 2019. Despite a year marked by the COVID-19 pandemic and amid economic uncertainty, the capital markets were extremely robust.

In the fourth quarter of 2020, new issuances with total  proceeds of $1.3 billion were completed, representing a $1 billion increase compared to the last quarter of 2019.

“The Canadian capital markets were very strong in 2020, and IPO activity outstripped anything we have seen in recent years with numerous large and successful offerings across a variety of industries, but with technology and life sciences leading the way,” said Geoff Leverton, National Leader, Canadian Capital Markets & Accounting Advisory Services practice at PwC Canada. “At a time when the economy has been impacted by COVID-19 and companies are trying to manage those impacts on their operations, it's surprising to see the strength of the IPO markets.”

The five largest offerings were GFL Environmental Inc., followed by Nuvei Corporation, AbCellera Biologics Inc., Repare Therapeutics Inc and Fusion Pharmaceuticals Inc. with aggregate proceeds of $4.2 billion.

“The three largest issuances were in three different industries,” added Leverton. “I think this is a testament to the diversity of the Canadian market. Will the IPOs in 2020 set the tone for 2021? I believe we will continue to see interest in IPOs into 2021 given the level of activity, pricing and post-IPO valuation. We are having lots of IPO discussions and readiness to act on market opportunity is key.”

About PwC Canada

At PwC, our purpose is to build trust in society and solve important problems. More than 7,000 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 284,000 people in 155 countries. Find out more by visiting us at: www.pwc.com/ca.

© 2020 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved.

PwC refers to the Canadian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

 

 

Contact us

Follow PwC Canada