
Kaikai | Dreamstime.com
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.
Get curated news on YOUR industry.
Enter your email to receive our newsletters.
Latest from Recycling Today
- Reworld partners with Mystic Aquarium
- BIR calls for fair standards, circular solutions in defining ‘green steel’
- LME reports active Q2
- Liberty Steel assets facing financing deadlines
- Sims is part of Australian recycling loop
- Tariffs target steel exporters Brazil, Canada and South Korea
- Buy Scrap Software to showcase its software at Scrap Expo in September
- LG details recycling activities