The Globe and Mail reports in its Tuesday edition that the song Zombie by the Cranberries had just been released the last time Canada's market for initial public offerings of stock had a year as bad as 2023. The Globe's Jameson Berkow writes that with Lithium Royalty being the only IPO of note this past year, a recent Bank of Nova Scotia report declared this has been Canada's "worst year since at least 1994." Almost three decades later, Zombie could reasonably express the current state of the Canadian IPO market. However, the national outlook for IPOs in 2024 can perhaps best be expressed by the title of another popular song from 1994: Green Day's When I Come Around. Companies that had wanted to go public in 2023, or even earlier, have started rebuilding their IPO plans. "We actually have a great IPO pipeline, but the timing is a little uncertain because IPOs are once-in-a-lifetime for a company, and they want to make sure that their business is performing well and that the economic outlook is very strong," Tyler Swan, head of equity capital markets at CIBC Capital Markets, told The Globe. "We are headed in that direction, but I think for many companies, it might take a couple quarters before they want to move forward."