GFL Environmental Inc. fell in its trading debut after raising US$1.425 billion in the largest Canadian initial public offering in almost six years.
Shares of North America’s fourth-biggest waste hauler fell 9.5 per cent at 12:08 p.m. in New York to US$17.19, down from its US$19 IPO price. GFL sold 75 million shares at that price Monday in its initial sale, valuing the company at US$5.87 billion based on 308.9 million shares outstanding.
GFL is the largest Canadian IPO since PrairieSky Royalty Ltd.’s offering of US$1.54 billion in May 2014.
GFL had earlier planned to raise as much as US$1.54 billion but was caught out by the panic over the coronavirus that swept markets last week. As markets calmed down Monday, the company decided to go ahead only to be faced by more market turmoil on Tuesday.
“I’m thrilled that in the face of very challenging market conditions over the