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The ever-volatile Canadian initial public offering (IPO) market saw a decline in deal volume but an increase in capital raised in 2020, according to data from CPE Analytics.

The Toronto-based firm reported that there were 77 IPOs in Canada last year — including shell companies such as capital pool companies and special purpose acquisition companies — which raised $5.55 billion in proceeds.

By comparison, in 2019, there were 109 total IPOs, which raised $2.57 billion. In 2018, a total of 147 deals raised $2.5 billion.

Excluding the shell vehicles, there were 43 deals that raised $4.85 billion in 2020.

According to CPE, BMO Nesbitt Burns Inc. led the underwriting league tables in deal proceeds, raising over $4.6 billion.

BMO edged out CIBC World Markets Inc. and Scotia Capital Inc., at $4.37 billion and $4.35 billion, respectively.

Canaccord Genuity Corp. led in total number of deals, both with and without shell transactions.