Macquarie-backed GFL reportedly plans a $1bn IPO

According to Reuters, Canadian waste management company GFL Environmental Inc. is planning to raise CAD$1bn in an initial public offering (IPO), expected to be filed early next year.

If it goes ahead, the listing would prove to the be both the biggest since Kinder Morgan’s IPO back in May where it raised $1.75bn, and one of the largest non-resource IPO’s since utility company Hydro One went public back two years ago in 2015.

See also:

• Roots prices shares between $14 and $16 in IPO

• Stelco files for IPO after emerging from bankruptcy

• Bell Canada announces IPO of MTN Debentures

The IPO would also provide a potential exit for the company’s investors that include HPS Investment Partners and Macquarie Infrastructure Partners.

Reuters explains that, according to sources, the company is currently interviewing both domestic and international banks in order to source potential underwriters, in addition to working closely with both Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce.

If the IPO goes ahead and the reported target of $1bn is raised, GFL would come off the back of the listing being valued at approximately $5bn.