PwC: Canadian IPO Market Still Struggling in Second Quarter, Big4.com Reports

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Only two new issues on the Toronto Stock Exchange (TSX)

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Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC reports the Canadian market for initial public offerings (IPOs) stalled in the second quarter of 2012.

Big4.com also notes that the 32 new issues on all Canadian exchanges in the first half of 2012 generated $220 million in new equity, a significant drop from the first half of previous year. By comparison, there were 34 IPOs on Canadian exchanges in the first half of 2011 with a value of $1.4 billion.

The two issues on the TSX in the second quarter, with a total value of $185 million, were both real estate trusts. They were the only IPOs on the TSX in the first half of 2012, the PwC survey showed. With 12 IPOs registered on the TSX Venture and five on the CNSX, the total number of new equity issues in the second quarter reached 17 with a total value of $199 million.

Big4.com reports that the European debt crisis, a global softening of commodity prices and the resultant market volatility have conspired to keep both issuers and investors on the sidelines.

Dean Braunsteiner, PwC national IPO services leader comments:
“The interest in REITs is testimony to the enduring appeal of the yields from real estate, and the single bright spot in the second quarter,”he says. “But sagging commodity prices and the recent slide in the price of oil have made it very difficult for companies in those normally active sectors to plan new issues. Caution will be the watchword for the next few months.”

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