GFL Environmental prices its shares at $19 in the IPO to earn a market cap of $6.08 billion

The
Initial Public Offering (IPO) of GFL Environmental Inc. on Monday saw it
collected $1.4 billion in funds. While the massive fundraising was still marked
below the target, much of it was attributed to an overall slowdown in the global
financial markets ascribed to the rapidly spreading Coronavirus.

A
prominent
name in the waste management companies in Canada compromised at $19 per
share of IPO price as compared to a higher $20 or $21 per share that was estimated
earlier. At $19 per share, GFL Environmental earned a market cap of $6.08
billion.

GFL
Had Its IPO A Day Earlier Than Previously Planned

After
a sharp decline in the equity markets in the previous week, a steep rebound on
Monday pushed the company to launch its IPO one day earlier than previously
planned. Patrick Dovigi commented on GFL’s IPO in his capacity as the founder
and CEO of the company and reiterated that GFL earned the reputation of one of
the largest initial public offerings in Canada. He further added that a
significantly higher than expected demand at the time of book-building accentuated
it as an effective strategy to price earlier than previously planned.

Earlier
in November 2019, GFL
Environmental had planned an IPO with a target for fundraising of $1.83
billion. Following pressures from institutional investors that demanded its
shares to be priced below the market range, however, the IPO was postponed.

GFL
Environmental is also selling $775 million worth of tangible equity units (14
million). GFL finds a place in the list of top North American waste haulers. The
company currently serves more than 4 million households in the region. Its commercial
customers count is at 135,000 for solid waste management and 13,000 for liquid
waste management.

GFL
Shares Will Be Available To Trade On The Toronto And New York Stock Exchanges

GFL
(Green for Life) markets itself broadly in the major North American cities. The
company announced in its IPO that its share will be listed on the Toronto Stock
Exchange and the New York Stock Exchange. According to the company, shares will
be available to trade on the stock exchange by Tuesday or Wednesday.

The
list of underwriters to the GFL’s initial public offering includes the
prominent names like Scotiabank, RBC Capital markets, Goldman Sachs, BMO
Capital markets, and J.P. Morgan.