IPO market in Canada recovering after dismal 2016, PwC report says

TORONTO – PwC says the initial public offering market in Canada has bounced back, posting a steady recovery through the first half of the year after a dismal 2016.

The professional services firm issued a report Tuesday saying there were 16 new IPOs on Canadian exchanges in the first six months of this year that raised a total of $2.9 billion.

A $1.7-billion offering by Kinder Morgan Canada Ltd. (TSX:KML) on the Toronto Stock Exchange led the second-quarter IPOs this year.

It was the largest IPO in Canada since Hydro One (TSX:H) in 2015.

Other offerings this year included Source Energy Services (TSX:SHLE), Real Matters Inc. (TSX:REAL), Step Energy Services Ltd. (TSX:STEP) and MedReleaf Corp. (TSX:LEAF).

The data for this year is in contrast to 2016, which the report called the worst year in the nearly 20-year history of its survey of the IPO market, with two IPOs debuting in the first six months of that year on all Canadian exchanges.

Note to readers: This is a corrected story. A previous version said there were no IPOs debuting in the first six months of 2016.