The top executive at TMX Group Limited said companies interested in going public are holding back from making the jump amid uncertain market conditions.
“There’s no question, this is a tough environment,” TMX Group CEO John McKenzie said in an interview with BNN Bloomberg’s Jon Erlichman on Tuesday.
With high inflation and interest rates putting pressure on global economies, McKenzie said the market conditions are giving companies pause when it comes to their timelines about going public. “It really is a question of stronger conditions, more confidence, and we will start to see deals flow again. That's our expectation,” he said.
He said small private businesses have access to better tax rates than those that are publicly listed on the TMX’s venture exchange, making it more difficult for them to raise money, and he wants that to change.Amid ongoing economic uncertainty, McKenzie said his company’s data analytics subscriptions now make up about half of its revenue, and those services are continuing to grow.
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