Bay Street’s big chill sets in as share sales crater, sapping fees from investment banks [Toronto Globe and Mail (Ontario, Canada)]
Aurora Cannabis Inc. - Common Shares (ACB)
Company Research
Source: Toronto Globe and Mail
One of Bay Street’s best-known revenue sources is quickly evaporating, with the total value of share sales plummeting 57 per cent so far in 2022 amid a global market sell-off and fears of economic stagnation. Share sales, or equity financings, are typically one of the most reliable ways for Canadian investment banks to make money. The standard 4-per-cent fee that underwriters earn on each sale has barely budged in decades, and the deals are usually spread across multiple sectors – which means there is often a floor for how far total revenues can fall because industry-specific cycles tend to offset each other. This year, that floor is getting tested. From January through the end of May, the total amount of money raised in Canadian share sales has dropped to $10.5-billion, down 57 per cent relative to the same period last year, according to new data from TMX Group Ltd. X-T Initial public offerings have suffered the most, with the amount of money raised by new companies listing on TMX e
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- ACB's page on the SEC website