Canadian companies raised at least C$950 million ($819 million) in two initial public offerings that closed on Tuesday, potentially signaling an end to a long dry spell in IPO activity in the Canadian marketplace.

Genworth MI Canada Inc, a private home mortgage insurer, closed an IPO worth at least C$850 million, the largest in Canada since Franco-Nevada Corp raised C$1.3 billion in a 2007 offering.

The company, a unit of Richmond, Virginia-based Genworth Financial Inc, said it sold 44.7 million shares at C$19 each in a transaction co-led by bookrunners CIBC World Markets Inc, Goldman Sachs Canada Inc and Scotia Capital Inc.

It could raise another C$127 million if an over-allotment option to buy up to 6.7 million additional common shares, is exercised in full by an Aug. 6 close.

Genworth MI shares were down 3.42 percent at C$18.35 in late trade on Tuesday on the Toronto Stock Exchange.

Canada's IPO market has started to emerge from a drought that lasted over a year as investors regain confidence amid early signs of recovery from the global financial crisis.

Magma Energy Corp, a geothermal power company led by one of Canada's best-known mining entrepreneurs, Ross Beaty, closed a C$100 million IPO on Tuesday that was three times oversubscribed and which pooled funds from global investors.

The company said it issued 66,667,000 common shares at a price of C$1.50 each.

Magma Energy stock was down 2.0 percent at C$1.47 by late afternoon on the TSX.

A syndicate of underwriters, co-led by Raymond James Ltd and Cormark Securities Inc, and including Canaccord Capital Corp, National Bank Financial Inc, Dundee Securities Corp, Jacob & Co Securities Inc and Wellington West Capital Markets Inc, managed the offering.

There were 10 new issues on all Canadian exchanges in the first half of 2009 with a total value of C$517 million, PricewaterhouseCoopers said on Tuesday in a survey of IPOs on the country's equity exchanges.

By comparison, there were 38 new issues on all exchanges in the first half of 2008, with a total value of $614 million.

Also due to close this week is an IPO by Capital Power Corp.

Until the June Capital Power IPO, the market for new corporate issues on the TSX had been dormant for three consecutive quarters, PwC said.

It will be Canada's second-largest IPO of the year and will create the second-largest pure-play power company in the country after TransAlta Corp.

($1=$1.16 Canadian) (Reporting by Pav Jordan; editing by Rob Wilson)