Going public: A look at some of the biggest Canadian IPOs by value since 2000
TORONTO — Rarely has an IPO drawn as much political attention as Kinder Morgan’s sale of its Canadian unit, a deal designed to fund the Trans Mountain pipeline expansion. At $1.75 billion, the public market debut of Kinder Morgan Canada (TSX:KML) is on track to be the fourth most valuable in Canadian history.
Here’s a look back at some of the biggest IPOs in Canada since Manulife Financial went public for $2.49 billion in 1999. The figures, based on data provided by Thomson Reuters, include proceeds raised through over-allotments:
Sun Life Financial: $1.89 billion in 2000. Soon after Manulife’s blockbuster IPO, fellow insurer Sun Life Financial followed suit. It listed on the Toronto market in March 2000, one of a wave of so-called demutualizations by insurers in 1999 and 2000. Other insurers that went public around that time include Clarica, which Sun Life took over in 2001, and Canada Life Financial, which was purchased by Great-West Lifeco in 2003. The stock debuted below $14 and rose to more than $55 by 2007. In early trading Tuesday, it was at $44.33.
Hydro One: $1.83 billion in 2015. The Hydro One IPO, another politically charged stock offering, was part of the Ontario government’s plan to raise money to fund transit and infrastructure projects. The partial sale of the utility triggered concerns from critics who said it would result in higher electricity prices. It debuted at $21.50 and in early trading Tuesday it was at $23.38.
