Trash Hauler GFL Slides on Trading Debut Amid Market Turmoil

Shares fell 12% in New York on its first day of trading
Initial offering is the largest Canadian IPO since PrairieSky

A GFL Environmental Inc. garbage truck prepares to drop off a load of waste at a transfer station in Toronto, Ontario, Canada, on Thursday, Oct. 24, 2019. GFL, North America's fourth-largest waste hauler by revenue, seeks to raise as much as $2.1 billion in what would be the largest initial public offering in Canada since 2004.Photographer: Cole Burston/Bloomberg

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By Crystal Tse and Divya Balji

March 3, 2020 at 5:13 PM UTC

Updated on

March 3, 2020 at 9:27 PM UTC

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GFL Environmental Inc. fell in its trading debut after raising $1.425 billion in the largest Canadian initial public offering in almost six years.

Shares of North America’s fourth-biggest waste hauler fell 12% to $16.80 in New York from its IPO price of $19, giving it a market value of $5.4 billion. GFL sold 75 million shares Monday in its initial sale, valuing the company at $5.87 billion based on 308.9 million shares outstanding.