Canada Cleanup Giant GFL Environmental Cancels Stock Offering
Canada waste cleanup firm GFL Environmental Inc., which had sought to raise up to $2.4 billion in a Nov. 8 initial public offering, now has cancelled the sale, the Canadian Press said, citing market uncertainties.
The IPO, announced in an Oct. 23 federal filing, would have been Canada’s largest since 2004. The firm did not announce if the stock offering would be held at a later date.
GFL had been set to trade on the Toronto and New York exchanges.
Reports noted the firm's high debt fueled by acquisition borrowing over the last decade.