GFL Environmental files for IPO

GFL Environmental Inc., Vaughan, Ontario, has filed for an initial public offering (IPO) that would be the largest in Canada in about five years, Bloomberg reports.

According to Bloomberg, a person familiar with the matter says the sale aims to raise about $1.5 billion and values the company at about $15 billion. The listing will be on the Toronto Stock Exchange as well as on a U.S. stock exchange, the source tells Bloomberg. All the proceeds will go to GFL’s treasury to fund the company’s future development. 

A $1.5 billion IPO would be the biggest in Canada since Alberta-based PrairieSky Royalty Ltd.’s $1.53 billion offering in 2014, according to data compiled by Bloomberg. The transaction also would be the largest announced in Canada this year, topping Toronto-based Mercer Park Brand Acquisition’s $402.5 million offering announced in April.

The deal would come at a time of strength for waste haulers’ stocks, Bloomberg reports. Houston-based Waste Management Inc.'s stock value has risen more than threefold since the end of 2011, including a 31 percent advance this year. Phoenix-based Republic Services Inc.'s stock value has risen by more than two-and-a-half times since the end of 2011, including a 21 percent gain this year.