Apotex files prospectus for Toronto IPO

Apotex Health Corp. has taken a key step toward going public, filing a preliminary base PREP prospectus with Canadian securities regulators on May 28, 2026 for a proposed initial public offering in Toronto. The filing outlines a transaction structure that would see both new and existing shares sold to investors.

According to the prospectus, the IPO will consist of a treasury offering of newly issued common shares by Apotex and a secondary offering of common shares by certain existing shareholders. Among those selling shareholders is SK Capital Partners, identified as the controlling shareholder.

The preliminary prospectus remains subject to amendment and completion. It does not yet specify the number of shares that will be offered or the price at which they will be sold, leaving key financial terms to be determined at a later stage of the process.

In connection with the planned IPO, Apotex has applied to list its common shares on the Toronto Stock Exchange. The company has proposed the ticker symbol "APTX" for trading on the TSX, pending regulatory and exchange approval.

Apotex noted that the TSX has not conditionally approved the listing. Any approval remains subject to the company satisfying the exchange’s listing requirements, meaning the listing is not yet assured and will depend on further review and conditions being met.

While the preliminary prospectus does not include pricing details, media coverage of the filing has provided early indications of potential deal size and valuation. The Globe and Mail reported that Apotex is expected to seek an equity valuation exceeding C$10 billion, citing a person familiar with the matter.

The same report indicated the offering could raise between C$500 million and C$1 billion. These figures are based on information from that unnamed source and are not contained in the prospectus itself, which remains preliminary.

The proposed offering is being coordinated by a broad syndicate of investment banks. RBC Capital Markets, TD Securities and Scotiabank have been named as co-lead managers, joint global coordinators and joint lead bookrunners for the transaction.

BMO Capital Markets and Jefferies Securities are acting as joint bookrunners. In addition, a range of other banks have been appointed as co-managers, rounding out a sizable underwriting group for the planned Toronto listing.

Headlines from outlets including Bloomberg have framed the Apotex filing as a notable event for Canadian public markets, referring to the proposed transaction as signaling a thaw in Canada’s public markets. The IPO would take place on the country’s largest stock exchange, subject to regulatory and TSX approvals.

With a potential multi-hundred-million-dollar capital raise and an anticipated equity valuation above C$10 billion cited in media reports, the Apotex deal would rank among the larger offerings contemplated in Canada in recent periods, if completed as described.