GFL Environmental files for IPO

The initial public offering said to raise about $1.5 billion.

Kaikai | Dreamstime.com

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.

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