In a year many bankers and companies called ‘challenging’ for initial public offerings, this Canadian firm bucked the trend
In a year many bankers and companies called “challenging” for initial public offerings, one independent Canadian firm bucked the trend — outperforming the country’s biggest banks in the process.
Canaccord’s No. 1 ranking for IPOs comes in a year that saw large stock sales led by the big banks pulled, including GFL Environmental Inc. and Triple Flag Precious Metals Corp. Still, companies raised about $3 billion from Canadian IPOs in 2019, up 13 per cent from 2018, according to data compiled by Bloomberg. Rankings and data are as of Dec. 30 and may change as more deals are recorded.
Companies raised $29.6 billion from secondary share sales in Canada in 2019, with Morgan Stanley ranking No. 1 with 16 per cent of the market for equity and equity-linked financing — the first time a foreign firm took top spot since 2000, the data show. The New York-based firm arranged two sales for Restaurant Brands International Inc. totalling US$3 billion, had a role on Shopify Inc.’s US$694-million offering in September and lead a US$354-million deal by Algonquin Power & Utilities Corp.
“Values are good right now: the market is high, stock prices are generally pretty good, people feel pretty comfortable about using that paper to buy something or similarly sell themselves,” Daviau said. “For the next six months it feels like a very strong M&A market.” Canaccord’s deal-making gains aren’t prompting Daviau to deviate from his strategy of expanding wealth management to offset capital markets volatility. The firm pivoted a couple years ago as an extended slump in resource markets eroded their investment-banking business.
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