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GFL Lockup Set to Expire With Shares Hovering Below IPO Price

  • Canadian waste hauler on defensive since short-sellers’ report
  • No intention to sell as 180-day lockup expires, CEO says
A GFL Environmental Inc. garbage truck.
A GFL Environmental Inc. garbage truck.

A lockup associated with GFL Environmental Inc.’s initial public offering is set to expire ahead of Monday’s trading session with the shares in a recent slump.

GFL sold 75 million subordinate voting shares in its initial offering in March, valuing the company at $5.9 billion. The Vaughan, Ontario-based trash hauler lowered its IPO price when investors balked at its debt load and questioned its growth prospects. The deal also took place in the early days of a market selloff sparked by the Covid-19 pandemic.