The Financial Post reports in its Saturday edition that Canada will struggle to find another stock-market success story like Shopify as the country grapples with a public-listing drought and a delisting trend, according to National Bank's Daniel Nowlan. The Post's Stephanie Hughes writes that the Canadian market is experiencing a "hollowing out" of smaller companies seeking to grow into larger and more globally meaningful firms, according to Mr. Nowlan, the bank's managing director of equity capital markets. He highlighted Shopify, which began trading in New York and Toronto in 2015 after a larger-than-expected initial public offering. The e-commerce software company grew into one of Canada's largest companies by market capitalization, and is now worth roughly $300-billion, second only to Royal Bank of Canada. "It's tough to imagine that happening today, starting with the size they did in growing to what they've become," Mr. Nowlan said on a panel in Toronto. He contrasted Canada's capital-market environment with the United States, where he says smaller companies that hold onto their listings can surge to valuations in the hundreds of billions of dollars. Canada must encourage more people to invest and take risks.