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AGT Food IPO target: C$460M (US$336M)
Apotex IPO target: up to C$1B
TSX IPO volume trend: 42 (2021) → 1 (2023) → recovery underway (2026)
Largest 2021 IPO: Definity Financial at C$1.6B The IPO market recovery is expected to have a positive spillover effect on CPC/RTO listing pathways as well. Improving investor sentiment across capital markets broadly may drive increased interest in TSXV small-cap listings — a factor worth incorporating when advising Korean client companies on listing timing strategy.
Capital Markets January 11, 2026 · 3 min read
Canada's IPO Market Looks for Revival With AGT, Apotex Deals
Canada's IPO Market Looks for Revival With AGT, Apotex Deals
Key Takeaway
Canada's IPO market is showing its first signs of recovery since 2021, driven by several large-scale listings including AGT Food and Ingredients (C$460M) and Apotex (up to C$1B). Given that TSX IPO volume collapsed from 42 deals in 2021 to just one in 2023, this resurgence signals a broader restoration of confidence across Canadian capital markets.
# Canada's IPO Market Looks for Revival With AGT, Apotex Deals
Summary
Canada's IPO market is showing its first signs of recovery since 2021, driven by several large-scale listings including AGT Food and Ingredients (C$460M) and Apotex (up to C$1B). Given that TSX IPO activity collapsed from 42 deals in 2021 to just one in 2023, this resurgence signals a broader restoration of confidence across Canadian capital markets.Details
According to [The Globe and Mail](https://www.theglobeandmail.com/investing/article-canadas-ipo-market-set-for-revival-signaling-economic-confidence/), Canada's IPO market is emerging from a multi-year drought and entering a recovery trajectory in 2026. AGT Food and Ingredients Inc. is pursuing a return to public markets at a target size of C$460M (US$336M), while Apotex is preparing an IPO of up to C$1B. ([Bloomberg](https://www.bloomberg.com/news/articles/2026-02-25/canada-s-ipo-market-looks-for-revival-with-agt-apotex-deals)) TSX IPO volume had plummeted from a record 42 transactions in 2021 to just one in 2023 — the lowest level in two decades. Pent-up exit demand among private equity fund managers is identified as a primary catalyst for the renewed IPO activity.Key Data
Rise Partners Implications
Implications
- The IPO market recovery is expected to have a positive spillover effect on CPC/RTO listing pathways as well. Improving investor sentiment across capital markets broadly may drive increased interest in TSXV small-cap listings — a factor worth incorporating when advising Korean client companies on listing timing strategy.