GFL Environmental (GFL) IPO Opens Lower

Today's IPO for GFL Environmental (NYSE: GFL) opened for trading at $17.50 after pricing its initial public offering of 75,000,000 subordinate voting shares, which includes 1,638,158 subordinate voting shares to be sold by a selling shareholder, at a price to the public of US$19.00 (or C$25.33 ) per share and its concurrent offering of 15,500,000 of its 6.00% tangible equity units ("Units"), with a stated amount of US$50.00 (or C$66.67 ) per Unit.

GFL has granted the underwriters in the subordinate voting share offering a 30-day option to purchase up to an additional 11,250,000 subordinate voting shares at the initial public offering price less underwriting discounts and commissions to cover over-allotments, if any. GFL has also granted the underwriters in the Unit offering a 13-day option to purchase up to an additional 2,325,000 Units at the public offering price less underwriting discounts and commissions to cover over-allotments, if any.

J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co. LLC, RBC Capital Markets and Scotiabank are acting as joint lead book-running managers for the offerings. Barclays, BC Partners, Raymond James , Stifel and TD Securities Inc. are acting as joint book-running managers for the offerings. BofA Securities, CIBC Capital Markets, HSBC and National Bank Financial Inc. are acting as co-managers for the offerings.

GFL, headquartered in Vaughan, Ontario , is the fourth largest diversified environmental services company in North America , providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities throughout Canada and in 23 states in the United States. Across its organization, GFL has a workforce of more than 11,500 employees and provides its broad range of environmental services to more than 135,000 commercial and industrial customers and its solid waste collection services to more than 4 million households.

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