The market for initial public offerings (IPOs) on Canadian exchanges produced just five new issues in the third quarter, the same volume of new equity issued in the previous quarter but enough to push total proceeds from the first three quarters of 2014 to the same level as all of 2013.

That’s according to a quarterly survey of IPO markets conducted by PricewaterhouseCoopers LLP (PwC).

Two issues on the Toronto Stock Exchange (TSX) in the third quarter and three IPOs on the TSX Venture (TSXV) brought the total for the quarter to $531 million, the PwC survey revealed. In the first three quarters of 2014, issuers generated more than $2.6 billion in new equity vs $2.7 billion for all of 2013.

The third quarter of 2013 saw seven new offerings on all Canadian exchanges with a total value of $802 million.

The largest issue in the third quarter of 2014 came from the oil and gas sector — the $500 million placement on the TSX by Northern Blizzard Resources Inc. (TSX:NBZ)

Dean Braunsteiner, national IPO services leader at PwC, points to the Northern Blizzard issue as an example of two notable trends in 2014. “It’s a classic ‘good news/bad news’ story,” Braunsteiner says.

“The higher volume of new issues we have seen in previous years has been swapped for fewer issues of a larger deal size. While that speaks to the quality of the issues reaching the market, the number of issues is less encouraging. Then there’s the activity in the oil and gas sector: four new issues this year compared to just one last year suggests the sector has replaced REITs as a driver of the market. That’s good for Canada but a broader market with issues from a variety of sectors would be more reassuring.”

It is not unusual for a single sector to drive the IPO market, Braunsteiner points out. The U.S. market has relied heavily on the technology industry to drive its IPO activity this year while consumer products have dominated in Europe and Hong Kong. The larger IPOs from the tech sector in the U.S. have yet to ignite activity in Canada, Braunsteiner notes.

The departure of the mining industry from the TSX Venture exchange has left a gap that could be filled by companies in medical technology and healthcare, says Braunsteiner, industries where early stage funding from public markets can propel growth.