Waste management firm GFL Environmental sets terms for $1.9 billion IPO

GFL Environmental, North America's fourth-largest diversified waste management firm, announced terms for its IPO on Wednesday.

The Vaughan, Canada-based company plans to raise $1.9 billion by offering 87.6 million shares (1% insider) at a price range of $20 to $24. At the midpoint of the proposed range, GFL Environmental would command a market value of $6.9 billion and an enterprise value of $9.5 billion (14.8x LTM PF adj. EBITDA). 

GFL Environmental was founded in 2007 and booked $2.0 billion in revenue for the 12 months ended June 30, 2019. It plans to dual list on the NYSE and the TSX under the symbol GFL. J.P. Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Scotia Capital, Barclays, BC Partners Securities, Raymond James, Stifel, and TD Securities are the joint bookrunners on the deal. It is expected to price on Wednesday, November 6, 2019.

The article Waste management firm GFL Environmental sets terms for $1.9 billion IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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