Apotex Targets Top End of Range in Biggest Canada IPO Since 2021

Apotex Health Corp. is guiding investors to expect its Toronto initial public offering to price at the top of the marketing range later Tuesday, according to people familiar with the matter.

After increasing the number of shares it’s offering late Monday, the Canadian generic drug manufacturer now expects to price its IPO at C$24, the high end of the C$20 to C$24 range, said the people, who asked not to be identified because the information is private.

In Monday’s statement, Apotex said it expects the IPO, which consists of a treasury offering and the sale of shares by certain existing investors, to raise C$1.3 billion ($932 million).

A debut of that size would be Canada’s largest since 2021. IPOs in the country have slowed significantly since a peak of 77 that year, and delistings and take-privates have outpaced new offerings, causing the number of public companies to shrink for the fourth consecutive year in 2025.

Apotex was founded in 1974 by Barry Sherman, who built the company into one of the world’s largest manufacturers of generic drugs. Sherman and his wife, Honey Sherman, were found dead in their Toronto home in December 2017 in what police described as a double homicide. The case remains unsolved.

The company was sold in 2023 to New York-based SK Capital Partners, a life-sciences focused investment firm, in a transaction that valued Apotex at between C$3 billion and C$4 billion, people with knowledge of the deal previously told Bloomberg Businessweek.

Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia are among the banks working on the offering.

The shares are expected to trade on the Toronto Stock Exchange under the symbol APTX.

Apotex didn’t immediately respond to a request for comment.