diff --git a/aiopg/pool.py b/aiopg/pool.py
index 41908a9d..61cbade7 100644
--- a/aiopg/pool.py
+++ b/aiopg/pool.py
@@ -167,8 +167,6 @@ async def _acquire(self):
                     assert not conn.closed, conn
                     assert conn not in self._used, (conn, self._used)
                     self._used.add(conn)
-                    if self._on_connect is not None:
-                        await self._on_connect(conn)
                     return conn
                 else:
                     await self._cond.wait()
@@ -197,6 +195,8 @@ async def _fill_free_pool(self, override_min):
                     enable_uuid=self._enable_uuid,
                     echo=self._echo,
                     **self._conn_kwargs)
+                if self._on_connect is not None:
+                    await self._on_connect(conn)
                 # raise exception if pool is closing
                 self._free.append(conn)
                 self._cond.notify()
@@ -215,6 +215,8 @@ async def _fill_free_pool(self, override_min):
                     enable_uuid=self._enable_uuid,
                     echo=self._echo,
                     **self._conn_kwargs)
+                if self._on_connect is not None:
+                    await self._on_connect(conn)
                 # raise exception if pool is closing
                 self._free.append(conn)
                 self._cond.notify()
diff --git a/docs/core.rst b/docs/core.rst
index f693e44f..d2a5625b 100644
--- a/docs/core.rst
+++ b/docs/core.rst
@@ -761,7 +761,7 @@ The basic usage is::
 
    :param bool echo: executed log SQL queryes (disabled by default).
 
-   :param on_connect:  a *callback coroutine* executed at once for every
+   :param on_connect:  a *callback coroutine* executed once for every
      created connection. May be used for setting up connection level
      state like client encoding etc.
 
diff --git a/tests/test_pool.py b/tests/test_pool.py
index d06af613..4bc2a1fe 100644
--- a/tests/test_pool.py
+++ b/tests/test_pool.py
@@ -546,20 +546,28 @@ async def test_close_running_cursor(create_pool):
             await cur.execute('SELECT pg_sleep(10)')
 
 
-async def test_pool_on_connect(create_pool):
-    called = False
+@pytest.mark.parametrize('pool_minsize', [0, 1])
+async def test_pool_on_connect(create_pool, pool_minsize):
+    cb_called_times = 0
 
     async def cb(connection):
-        nonlocal called
+        nonlocal cb_called_times
         async with connection.cursor() as cur:
             await cur.execute('SELECT 1')
             data = await cur.fetchall()
             assert [(1,)] == data
-            called = True
+            cb_called_times += 1
 
-    pool = await create_pool(on_connect=cb)
+    pool = await create_pool(
+        minsize=pool_minsize,
+        maxsize=1,
+        on_connect=cb
+    )
+
+    with (await pool.cursor()) as cur:
+        await cur.execute('SELECT 1')
 
     with (await pool.cursor()) as cur:
         await cur.execute('SELECT 1')
 
-    assert called
+    assert cb_called_times == 1