TORONTO — PwC says the initial public offering market in Canada has bounced back, posting a steady recovery through the first half of the year after a dismal 2016.

The professional services firm issued a report Tuesday saying there were 16 new IPOs on Canadian exchanges in the first six months of this year that raised a total of $2.9 billion.

It called 2016 the worst year in the nearly 20-year history of its survey of the initial public offering market.

A $1.7-billion offering by Kinder Morgan Canada Ltd. on the Toronto Stock Exchange led the second-quarter IPOs this year.

It was the largest IPO since Hydro One in 2015.

Other offerings this year included Source Energy Services, Real Matters Inc., Step Energy Services Ltd. and MedReleaf Corp.

The Canadian Press