Apotex kicked off trading on the Toronto Stock Exchange with a burst of demand, opening at C$28 a share, roughly 17% above its IPO price. The drug maker priced the offering at C$24 per share, raising C$1.3 billion (about US$932 million), the largest Canadian IPO in years. The deal tops the 2022 C$1 billion energy IPO, showing vigor.

Investors welcomed the upsized float, which added more shares than initially slated and pushed the price to the top of the company’s guidance range. The surge comes as Canada’s equity market rebounds from a prolonged slump, buoyed by record highs in the S&P/TSX and improving confidence among institutional buyers. Nevertheless, lingering Canada‑U.S. trade tensions keep some investors cautious.

The IPO’s performance may lift the bar for future listings, encouraging other mid‑cap firms to test public markets amid a still‑cautious regulatory backdrop. For now, Apotex’s market cap sits near C$2 billion, providing the company with capital to fund pipeline expansion and debt reduction, a clear win for shareholders. The infusion also strengthens Apotex’s balance sheet ahead of its planned generic‑drug launches in Europe.