Deals
GFL Cancels Biggest Canada IPO After Investors Balk at Price
- Waste hauler had planned to raise as much as $2.1 billion
- CEO says share sale at below-target price wasn’t ‘fair value’
A GFL Environmental Inc. garbage truck during morning waste pickup in a residential neighborhood in Toronto on Oct. 24, 2019.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
GFL Environmental Inc. was on track to be one of Canada’s largest public offerings. Instead it became the latest IPO that failed to entice investors.
The Vaughan, Ontario-based company scrapped its share sale Tuesday after investors balked at the waste company’s debt load and growth prospects. It had sought to raise as much as $2.1 billion at the top end of its marketed range of $20 and $24 a share. But banks running the IPO only got support for the offering at about $18 a share, according to people familiar with the matter.