GFL Environmental, North America's fourth-largest diversified waste management firm, relaunched its IPO with a lowered range on Tuesday.
The Vaughan, Canada-based company now plans to raise $1.5 billion by offering 73.2 million shares (2% insider) at a price range of $20 to $21. The company also added a concurrent $700 million offering of 14 million tangible equity units at a price of $50. GFL Environmental had previously filed to raise $1.9 billion by offering 87.6 million shares (1% insider) at a range of $20 to $24, but postponed the deal in November 2019.
At the midpoint of the revised range, GFL Environmental would raise 22% less in proceeds from the common share offering, but 16% more including the tangible equity units. Including the convertible TEUs, its market cap would be $7.3 billion. Since postponing its IPO in November 2019, the company disclosed its FY19 financials and acquired companies worth $865 million.
GFL Environmental was founded in 2007 and booked $2.5 billion in sales for the 12 months ended December 31, 2019. It plans to dual list on the NYSE and TSX under the symbol GFL. J.P. Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Scotia Capital, BC Partners Securities, Barclays, Raymond James, Stifel, and TD Securities are the joint bookrunners on the deal. It is expected to price during the week of March 2, 2020.
