TORONTO – Canada’s market for initial public offerings bounced back in the second quarter following a near-collapse at the start of the year, suggests a report by PwC.
The firm says the second quarter saw six new issues, which raised a total of $2.3 billion on the Toronto Stock Exchange.
The companies were led by PrairieSky Royalty Ltd. (TSX:PSK) which raised $1.4 billion, the largest single placement since the $1.3 billion Athabasca Oil (TSX:ATH) raised in 2010.
The second quarter was in sharp contrast to the first quarter, which saw no new offerings on the TSX, Canada’s largest stock market.
The optimism did not translate to the TSX Venture Exchange, home to many small resource companies.
PwC says the junior exchange did not see any new issues in the second quarter. In the first quarter, the TSX Venture Exchange had two new issues worth $3.8 million.