GFL raises US$1.4 billion in IPO amid volatile markets

GFL Environmental Inc on Monday raised about US$1.4 billion in its initial public offering, pricing it below the target range in a conservative step to ride out market volatility in the wake of the coronavirus outbreak.

The Canadian waste management company priced its IPO at US$19 per share, compared to the target range of US$20 to US$21 per share, giving it a market value of US$6.08 billion.The pricing of its IPO comes a day earlier than expected amid a sharp rebound in equity markets following last week's steep sell-off.

The company had attempted to raise US$1.83 billion in November last year, but that IPO was pulled after institutional investors pressed the Canadian firm to price its shares below the marketed range.

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