Apotex shares jump 12% in TSX debut of billion-dollar IPO
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- Apotex Health Corp. raised $1.3 billion in its IPO, upsizing from the original $1 billion target and pricing shares at $24, the top of the $20‑$24 range.
- Apotex shares jumped 12 % to $26.85 by mid‑day on the Toronto Stock Exchange, despite the S&P/TSX Composite Index falling 0.3 % and U.S. indices down about 1 %.
- SK Capital Partners LP and other private shareholders increased their sell‑down from $150 million to $450 million, benefitting from the larger deal size.
- Apotex will use the $850 million of net proceeds to pay down debt.
- The offering is the biggest Canadian IPO since Definity Financial Corp.’s $1.4 billion share offering in 2021, a boost for a market that has struggled to attract large listings.
Why it matters: Apotex’s $850 million net proceeds will cut its debt load, while SK Capital Partners cashes out $450 million, and the $1.3 billion IPO revives investor appetite in a market that has struggled to attract large listings. The deal also underscores a rare upsizing that allowed private shareholders to sell three times more stock than planned, highlighting renewed confidence in Canada’s capital markets.
