Shopify grew from a 2015 IPO into Canada’s second most valuable company, worth about C$300 billion, but National Bank Capital Markets vice chairman Daniel Nowlan said Canada will struggle to produce another stock-market success like it because fewer companies are listing and more are leaving the market. Publicly traded Canadian companies that went private between 2020 and 2025 mostly blamed undervalued shares, thin trading, heavy disclosure rules, and trouble raising money for the decision, according to a governance institute’s study. A total of 351 companies have delisted from the Toronto Stock Exchange since 2020, about two-thirds through mergers, and only eight have joined it through IPOs this year, per TMX Group. Nowlan said Canada needs to get more people investing and taking risks.
