North America’s fourth-biggest waste hauler GFL Environmental sees it’s valuation sink 9.5% from $6B in Canada’s largest IPO since 2014.
“I’m thrilled that in the face of very challenging market conditions over the last week, we were able to successfully market and price one of the largest IPOS’s in TSX history.”
Patrick Dovigi, GFL founder and CEO
GFL initially planned to raise £1.54B but reduced the offering to £1.42B amid the coronavirus panic that sent markets tumbling last week. GFL is third time lucky after previous IPO attempts failed due to investor concerns about pricing and the company’s debt load. GFL’s solid waste business serves more than 4 million households and 135,00 commercial customers.