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.
