Cadillac Mines Corp. and some of its backers raised $385 million in an upsized initial public offering , adding to the mining-driven rebound of listing activity in Canada.

The Toronto-based mineral exploration company priced the common shares at $6.90 each and special flow-through shares at $9.52 apiece, according to a statement late Thursday. It raised about $190 million in gross proceeds, while the selling shareholders raised roughly $173 million.

The company sold 18.8 million shares and 6.3 million flow-through shares, the statement showed. The holders sold 28.2 million common shares, increased from 25.1 million.

The shares closed at $7 each on Friday after their first day of when-issued trading, a 1.5 per cent increase from the IPO price. The trading gives Cadillac a market value of about $2 billion.

Agnico Eagle Mines Ltd. had agreed to buy 8.7 million shares in a concurrent private placement for around $60 million. The deal is set to increase Agnico Eagle’s stake in Cadillac to about 11 per cent, up from 9.7 per cent, a separate statement showed.

The company is one of Cadillac’s existing shareholders and entered into a royalty agreement in 2023, the preliminary prospectus shows. Franco-Nevada Corp. , whose co-founder Pierre Lassonde is Cadillac’s chairman, also agreed to a royalty deal at that time.

Cadillac holds claims to property in Ontario where its main Kerr-Addison gold mine is located, as well as Quebec, according to the preliminary prospectus. The mining firm is the latest in a growing Canadian listing pipeline of metals-based listings that also includes BG Gold Capital II Corp. and Amapa Minerals Holdings Inc., which announced the pricing of its IPO on Friday and expects to raise $140 million.

The offering adds to activity in Canada’s equity capital markets, which have seen US$1.81 billion of IPOs this year, excluding blank-check firms and other financial vehicles, up from just US$9.3 million of deals in the same period in 2025, data compiled by Bloomberg show.

Also on Friday, Amapa Minerals Holdings Inc. raised $140 million in its Toronto IPO. Shares are expected to begin trading July 27.

Bank of Montreal, National Bank of Canada and Stifel Financial Corp. led Cadillac’s IPO. The shares are expected to trade Friday on a when-issued basis on the S&P/TSX composite index under the symbol CADY.

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Bloomberg.com