GFL Environmental, North America's fourth-largest waste management firm, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that could raise an estimated $1.5 billion.
The Vaughan, Canada-based company was founded in 2007 and booked $1.7 billion in historical sales for the 12 months ended March 31, 2019. It plans to dual list on an unnamed US exchange and the Toronto Stock Exchange; it has not yet disclosed a proposed ticker symbol (RC ticker: GFL.RC). BMO Capital Markets, Goldman Sachs, J.P. Morgan, RBC Capital Markets and Scotia Capital are the joint bookrunners on the deal. No pricing terms were disclosed.
