Oct 23 (Reuters) – Canadian waste management company GFL Environmental Inc aims to raise up to $2.42 billion in an initial public offering, the company said on Wednesday.
The IPO price is expected to be between $20.00 and $24.00 per share, giving the company a valuation of up to $7.56 billion, including underwriters’ option.
GFL plans to sell 87.6 million of subordinate voting shares and expects to grant the underwriters a 30-day option to purchase up to an additional 13.1 million subordinate voting shares.
GFL, whose “Green for Life” slogan is seen across major Canadian cities, plans to list itself on the New York Stock Exchange under the symbol “GFL” and has applied to list its subordinate voting shares on the Toronto Stock Exchange under the same symbol.
Private equity firm BC Partners and Ontario Teachers’ Pension Plan are among the principal stockholders of the company.
J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co LLC, RBC Capital Markets and Scotiabank are acting as lead underwriters for the IPO. (Reporting by C Nivedita, Abhishek Manikandan, Bharath Manjesh and Arunima Kumar in Bengaluru; Editing by Maju Samuel)
Source: Read Full Article