GFL Environmental Inc (NYSE:GFL), a waste management firm based in Vaughn, Ontario, raised $1.4 billion in its IPO — the largest for a Canadian company in 20 years, according to IPO research firm Renaissance Capital.
GFL offered 75 million shares at $19 per share, missing its $20-$21 projected range. The company raised an additional $775 million by offering 6.0% tangible equity units.
The company upsized its share offering by 2% and its unit offering by 11%, Renaissance Capital reported.
GFL is the fourth-largest diversified environmental services company in North America, operating across Canada and in 23 US states. It provides non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services.
Shares opened on Tuesday at $17.50 and slid to $16.56 by Friday afternoon, 5.4% below the IPO price.
Meten International Education Group, am English language education services provider in China, withdrew its plans for a $100 IPO.
The new, enlarged group will operate as Meten EdtechX and focus on providing English and skills training for Chinese students.
Elsewhere, Safe Auto Insurance Group, a direct-to-consumer auto insurance provider based in Columbus, Ohio, shelved its planned $50 million IPO.
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