GFL Environmental Inc raised nearly $1.4 billion in its IPO, pricing shares below target range in an attempt to withstand market volatility amid the virus outbreak.
The Canada-based waste management company valued its IPO at $19 per share, slightly lower than the $20-$21 per share target range and a market value of $6.08 billion.
The IPO pricing was announced a day earlier than expected, in the middle of a rebound in equity markets after a sell-off last week.
Patrick Dovigi, founder and chief executive officer of GFL, said that the early pricing was due to high demand during the book-building and the fact that the company has marketed and priced one of the largest IPOs in Canada.
The company aimed to raise $1.83 billion in November 2019. However, that IPO was canceled as institutional investors called on the Canadian firm to price its IPO below marketed range.
In another matter, the Canadian firm is also putting up 14 million tangible equity units for sale at $775 million in proceeds.
GFL will list its shares on the New York Stock Exchange and the Toronto Stock Exchange. Its shares will begin trading on Tuesday or Wednesday.
JP Morgan & Chase, Goldman Sachs, Scotiabank, BMO Capital Markets, and RBC Capital Markets are lead underwriters to the IPO.