Initial public offering (IPO) activity on the three Canadian financial exchanges fell off a cliff in 2023, according to new numbers from CPE Analytics.

The market research firm reported that just 51 IPOs were completed last year, raising a total of $202 million — a drop of 88% from 2022, and 98% from 2021 levels.

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That $202 million was $597 million lower than the previous low of $799 million, recorded in 2016.

Excluding capital pool company (CPC) and special purpose acquisition corporation (SPAC) IPOs, there were just 21 IPOs in 2023, raising a total of $189 million.

According to a release from CPE Analytics, the Canadian Securities Exchange (CSE) led all non-CPC/SPAC IPOs with 18 IPOs (86% of the total number of non-CPC/SPAC IPOs, or 35% of total number of IPOs).

Mining led the way with 16 IPOs, 15 of which were completed on CSE.

Lithium Royalty Corp. — a private equity backed company — was the sole IPO on the Toronto Stock Exchange, raising $150 million and accounting for 74% of the total IPO amount.

Florida-based Sucro Limited’s IPO was the only non-Canadian IPO on the three Canadian financial exchanges.

The top underwriters in Canadian-exchange IPOs in 2023 were Haywood Securities Inc. (11 IPOs, raising $6.7 million), Canaccord Genuity Corp. (10 IPOs, raising $154.6 million), Leede Jones Gable Inc. (nine IPOs, $5.3 million), Research Capital Corporation (6 IPOs, $11.9 million) and PI Financial Corp. (5 IPOs, $2.1 million).

CPE Analytics reports on public financings, private financings, IPOs, M&As, and professional investment firm fundraising activities.