Post-IPO Debt Funded Startups in Canada
Among the 50 most recent post-IPO debt rounds with disclosed amounts, the largest is Toronto Dominion Bank Group’s $1.8B (2022-10-06), which dwarfs the nex…
Among the 50 most recent post-IPO debt rounds with disclosed amounts, the largest is Toronto Dominion Bank Group’s $1.8B (2022-10-06), which dwarfs the next-largest disclosed figures such as $750M (Hydro One on 2022-10-24) and $700M (Dollarama on 2022-10-04). The rest of the disclosed rounds cluster much lower, with many entries in the $1M–$50M band and several at or near the $1M level (e.g., Limestone Boat Company $1M on 2022-10-21; Candente Copper $1M on 2022-09-22; Plant Veda Foods $1M on 2022-04-22).
Geographically, Toronto-area companies show up repeatedly (Toronto, Ontario includes Awakn Life Sciences, Eddy Solutions, Toronto Dominion Bank Group, NowVertical Group, Think Research, SQI Diagnostics, Karora Resources, and PopReach), while Quebec and British Columbia also appear frequently (e.g., Aya Gold & Silver and Dollarama in Quebec; BioHarvest Sciences and PlantX in BC). Temporally, the window runs from 2022-04-05 (Acceleware) to 2022-10-25 (Awakn Life Sciences; Aya Gold & Silver), with the densest activity in mid-to-late October 2022; 49 of 50 rows show disclosed amounts and only one is “undisclosed” (Think Research on 2022-09-26).
Most recent rounds
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Frequently asked
Which disclosed post-IPO debt rounds are clear outliers in size, and what’s the gap to the rest?
Toronto Dominion Bank Group’s $1.8B (2022-10-06) is the largest disclosed round and materially larger than other top entries like Hydro One’s $750M (2022-10-24) and Dollarama’s $700M (2022-10-04). Below that, many rounds sit far lower, including $40M Wildbrain (2022-10-21) and several $1M rounds such as Limestone Boat Company on 2022-10-21.
How concentrated is the activity by time within this 2022-04-05 to 2022-10-25 window?
The most recent dates stack in late October 2022: 2022-10-25 includes Awakn Life Sciences ($570K) and Aya Gold & Silver ($100M), and multiple additional rounds land from 2022-10-21 to 2022-10-18 (e.g., Wildbrain $40M on 2022-10-21; Skylight Health Group $3M on 2022-10-21; Fire & Flower $8M on 2022-10-18). The earliest entry is Acceleware at $700K on 2022-04-05.
Are any cities or regions over-represented among these post-IPO debt rounds?
Toronto, Ontario is the most repeated geography in this set, including Awakn Life Sciences (2022-10-25, $570K), Eddy Solutions (2022-10-17, $2M), Toronto Dominion Bank Group (2022-10-06, $1.8B), NowVertical Group (2022-09-21, $4M), Think Research (2022-09-26, undisclosed), SQI Diagnostics (2022-06-17, $4M), Karora Resources (2022-07-14, $80M), and PopReach (2022-04-18, $33M). Quebec also shows multiple entries, including Aya Gold & Silver (2022-10-25, $100M) and Dollarama (2022-10-04, $700M).
Do sector patterns emerge, or are they widely distributed across industries?
Sectors are mixed rather than uniform, but Biotechnology shows up frequently across different dates (e.g., Awakn Life Sciences on 2022-10-25 at $570K; HLS Therapeutics on 2022-10-03 at $91M; Theratechnologies on 2022-07-27 at $40M; SQI Diagnostics on 2022-06-17 at $4M). Natural Resources and Energy appear repeatedly as well (e.g., Aya Gold & Silver $100M on 2022-10-25; Li-Cycle $200M on 2022-05-05; Hydro One $750M on 2022-10-24).
How should sales or diligence teams interpret the disclosed-amount distribution and the presence of non-disclosed rounds?
Only one of the 50 rows is “undisclosed” (Think Research on 2022-09-26), so most deal sizing is visible, but the spread is wide. The smallest disclosed amounts here are $530K (Galantas Gold Corporation on 2022-07-26) and $580K (Mkango Resources on 2022-09-07), while several companies cluster around $1M (e.g., Limestone Boat Company $1M on 2022-10-21 and Candente Copper $1M on 2022-09-22).
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