Canadian IPOs raise $2.6 billion in first 9 months of 2014
Just five IPOs in Q3 brought this year's total value within reach of all activity in 2013, PwC says.
TORONTO — There were just five initial public stock offerings on Canadian exchanges in the third quarter, but that was enough to bring the total value in the first nine months of 2014 to $2.6 billion – almost as much as in all of last year, according to PwC.
The accounting and consulting firm says the largest of the Canadian IPOs during the summer quarter was a $500-million placement by Northern Blizzard Resources Inc., a Calgary-based oil and gas company.
Northern Blizzard shares began trading on the Toronto Stock Exchange on Aug. 8 at $18.85. They’ve since traded as high as $19 but are currently worth about $16.86.
In total, the other four IPOs brought in a total of about $31 million, according to PwC’s quarterly analysis.
Besides the Northern Blizzard IPO, there was one other on Canada’s largest stock market and the other three were on the TSX Venture Exchange.
Last year, there were seven new offerings totalling $802 million on Canadian markets in the third quarter, but a slower start in the first and second quarters of 2013 resulted in a total of $2.7 billion for the full year.
© 2014 The Canadian Press