GFL cancels IPO after price doesn't meet expectations

GFL Environmental Inc. (GFL), Ontario, Canada, announced the launch of its initial public offering (IPO) Oct. 23. However, on Nov. 5, the company canceled the IPO after the pricing of its shares failed to meet the company’s expectations. The company had sought to raise as much as $2.1 billion at between $20 and $24 a share. According to Bloomberg, the banks running the IPO “only got support for the offering at about $18 a share, according to people familiar with the matter.”

“At a price below the range, the shareholders decided it wasn’t fair value,” GFL founder and CEO Patrick Dovigi said. “We will revisit at a later date.”

According to Bloomberg, the IPO would have been the largest for a Canadian company since Manulife Financial Corp.’s 1999 IPO that raised $1.7 billion. At the top end of GFL’s price range, the IPO would’ve become Canada’s largest ever.