Canada’s initial public offering (IPO) market slowed a bit in the third quarter, but the deal pipeline for the rest of the year remains healthy, says a report published on Monday from PricewaterhouseCoopers LLP (PwC).

There were eight IPOs on Canadian exchanges and one deal by a Canadian firm on a U.S. exchange, in the third quarter, according to the report.

In total, $433 million in new equity was raised during the quarter, with one deal on the Toronto Stock Exchange (TSX), one on Nasdaq, four IPOs on the Canadian Securities Exchange and three on the TSX Venture Exchange.

Despite the relatively modest deal activity in the third quarter, the report suggests 2017 is on track to be a solid year. Through the first nine months of the year, there has been $3.3 billion raised in 24 deals.

A slow third quarter follows recent history in the Canadian IPO market, the report notes. Nevertheless, the slump likely won’t last long, given a strong deal pipeline, improving commodity prices, and healthy underlying economic conditions.

“Optimism is always good for the IPO market,” says Dean Braunsteiner, national IPO leader at PwC in Canada, in a statement.

In particular, the pharmaceutical sector led the way in the third quarter, the report notes, accounting for the two deals on the TSX and Nasdaq.

“The vibrant hub of pharmaceutical companies in Quebec will be a topic of conversation with the success of Clementia in the U.S. And we know that regulatory issues have held back IPOs from companies in the medical marijuana field. When those issues are resolved, we expect to see activity there,” adds Braunsteiner.