GFL Environmental seeks to raise $1.5 bln in re-launched IPO
(Reuters) - GFL Environmental Holdings Inc said on Tuesday it expects to raise more than $1.5 billion in its initial public offering, months after the Canadian waste management company scrapped its plan to list its stock.
GFL expects to sell shares at a range of $20 to $21 per share, giving the company a market valuation of nearly $7 billion at the top-end of the range.
The company will sell 71.7 million shares and its selling shareholders will offer 1.5 million shares, it said in a filing http://bit.ly/2w1VvyE.
GFL had previously attempted to raise $1.83 billion, but that IPO was pulled after institutional investors pressed the Canadian firm to price its shares below the marketed range.
The IPO market was hit by a string of lackluster listings last year, including that of Uber Inc and Lyft Inc, amid investor skepticism over their lack of a concrete plan to profitability.
SoftBank-backed office rental group WeWork had also abandoned its IPO in September as investors balked at its sky-high valuations.
GFL, whose "Green for Life" slogan is seen across major Canadian cities, has planned to list itself on the NYSE and Toronto Stock Exchange ("TSX") under the symbol "GFL".
Following its offering, the company will have two classes of shares - subordinate voting shares with one vote per share and multiple voting shares with 10 votes per share.
J.P. Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets and Scotiabank are underwriting the offering.
($1 = 1.3231 Canadian dollars)
(Reporting by Abhishek Manikandan and C Nivedita in Bengaluru; Editing by Anil D'Silva)
