GFL Environmental, North America's fourth-largest diversified waste management firm, raised $1.4 billion by offering 75 million shares (2% secondary) at $19, below the range of $20 to $21. GFL raised an additional $775 million by offering 6.0% tangible equity units. The company upsized its share offering by 2% and its unit offering by 11%.
GFL's $1.4 billion deal size makes it the largest IPO from a Canadian company in over 20 years.
GFL Environmental plans to list its subordinate voting shares on the NYSE under the symbol GFL and its units under the symbol GFLU. J.P. Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Scotia Capital, Barclays, BC Partners Securities, Raymond James, Stifel and TD Securities acted as lead managers on the deal.
