Cleantech and junior mining dominate Canadian IPOs in H1 2024
CPE Analytics has released its first half 2024 Canadian initial public offering (IPO) summary report today.
In the first half of 2024, twelve IPOs completed on the four Canadian exchanges raised $12.9m in gross proceeds. Excluding Capital Pool Company (CPC) and special purpose acquisition corporation (SPAC) IPOs, six IPOs raised $11.45m.
The figures exclude five investment fund IPOs, which raised $319m, including two publicly listed and three unlisted funds.
2024 H1 Non-CPC/SPAC IPO Highlights: CSE, Junior Mining, Cleantech
The Canadian Securities Exchange (CSE) led non-CPC/SPAC IPOs with three IPOs raising $6.8m, accounting for 50 percent of the total number of IPOs and 53 percent of the total amount raised.
Four junior mining IPOs, two each on the CSE and TSX Venture Exchange, raised $2.25m in aggregate gross proceeds, making up 67 percent of the total number of IPOs and 20 percent of the total amount.
Two cleantech IPOs raised $9.2m in aggregate gross proceeds, or 80 percent of the total amount. The largest IPO in the first half of 2024 was BluSky Carbon Inc.'s $5.75m cleantech offering on the CSE.
Canadian IPOs on US or International Exchanges
Canadian companies did not complete any direct IPOs on US or international stock exchanges during the first half of 2024.
Junior Mining IPOs Lead Ahead – Q3 Outlook
Eight non-CPC/SPAC IPOs are proposed, including one company that has likely withdrawn unofficially: seven on the CSE and one on the TSX Venture. None are on the TSX. Seven of these eight IPOs are junior mining companies, with only three reaching the stage of final long-form prospectus filing.
SPAC IPO
On June 26, Mercer Park Opportunities Corp., a Cayman Islands-domiciled SPAC, filed a preliminary prospectus for a proposed IPO of $200m
Canadian Participation in US and International IPOs
With the Canadian market largely inactive, Canadian investors actively participated in US and international IPOs.
In the first half of 2024, Canadian investors invested $310m in 17 IPOs in companies located in the US, Bermuda, Mexico, Kazakhstan, Finland, France, Germany, Spain, Switzerland, and the UK. This investment amount is 27 times the total amount raised ($11.45m) by Canadian non-CPC/SPAC IPOs.
