The Financial Post reports in its Saturday edition that the Toronto Stock Exchange is in the midst of a historic dry spell for initial public offerings. The Post's Geoffrey Morgan writes that just one firm has completed an IPO this year on the TSX, and without any last-minute surprises, it will be the first time that has happened since 1993. Lithium Royalty, which raised $150-million in March, was the largest deal in 10 months and is the lone deal to make it through in 2023. "I don't think it's a coincidence that the one deal that got done is a lithium royalty company," said Citigroup Canada's Grant Kernaghan. The bank co-led the Lithium Royalty deal. Natural resources stocks have traditionally been a source of strength for the exchange, and, eventually, more battery metals stocks will look to the exchange to raise capital given investor interest in the energy transition, he said. For now, however, Lithium Royalty is a cautionary tale for potential issuers and investors, as disappointing earnings combined with a souring outlook for natural resources amid a sluggish recovery in China. The company's shares dropped in their debut and never recovered, closing Nov. 1 down 37 per cent from its IPO price.