1st 9 month Canadian Exchange IPOs: 11 IPOs, $426M
Canadian initial public offering (IPO) continues its listless activities in Q3 2025, recording three IPOs for gross proceeds of $411.2 million, with one each on the Canadian Securities Exchange (CSE), The TSX Venture Exchange (TSX-V), and the Toronto Stock Exchange (TSX).
GO Residential Real Estate Investment Trust (TSX: GO.U) raised $410.1 million, representing 99.7% of the total gross amount raised in Q3 2025 or 96.3% of total gross amount raised in the first nine months of 2025.
For the first nine months, 11 IPOs completed on three Canadian exchanges raising $426 million in gross proceeds. Excluding Capital Pool Company (CPC) IPOs, 7 IPOs completed for $424.3 million.
There was no IPO on NEO/CBOE Canada in 2025.
Almost all mining IPOs
For the first nine months, 6 mining IPOs completed, accounting 55% of all IPOs or 86% of all IPOs excluding CPC IPOs.
Q4 2025 and Outlook
One CPC IPO completed on the TSX-V in October.
The pending IPO by Brookfield backed Rockpoint Gas Storage Inc., if completed in 2025, would represent first private equity (PE)-backed IPO in two years, the 2nd since 2023, or the 3rd since 2022.
Venture capital-backed IPOs have altogether disappeared since 2022 and have yet to show any sign of recovering.
Source: CPE Analytics/Canadian Financings
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