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PwC: $1 billion surge redeems 2012 Canadian IPO market

By Rob Starr, Content Manager, Big4.com

A $1.3 billion surge of new equity issues in the fourth quarter helped turn around the 2012 Canadian IPO market .

Nine new issues on the TSX in the last three months of 2012 helped power the final quarter of the year to a total of $1.3 billion in new equity, according to the PwC survey. There were 23 IPOs on all Canadian exchanges during the period, compared to 10 new issues worth just $52 million in the last quarter of 2011.

After a very slow start to the year, the strong fourth quarter leaves 2012 with a total of 62 IPOs on all exchanges, delivering $1.8 billion in new equity for the year. There were 61 IPOs on Canadian exchanges in all of 2011 for a total of $2 billion.

The $365 million IPO of retailer Hudson’s Bay Company in the fourth quarter was the largest of the year. The $301 million raised by mining company Ivanplats Limited was the second largest and the biggest new offering of the year from the minerals sector, also in the fourth quarter. Argent Energy Trust raised $212 million in the third quarter, the largest IPO from the energy sector.

PwC has conducted its survey of the IPO market in Canada for more than 10 years. The reports are issued on a quarterly basis to provide information to the corporate sector, investors, the media and others that will help them put the market into better perspective. For the purposes of the survey, investment vehicles such as structured products are not considered IPOs because they do not represent new equity raised for operating companies.

PwC Canada helps organizations and individuals create the value they’re looking for. More than 5,700 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 close to 169,000 people in 158 countries. Find out more by visiting us at www.pwc.com/ca.

 

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