Advanced Disposal launches IPO

The waste management firm Advanced Disposal Services Inc., headquartered in Ponte Vedra, Florida, has launched an initial public offering (IPO). The company seeks to raise $400 million with the IPO. The company’s ticker symbol will be ADSW.

The company intends to use the net proceeds from the shares offered to repay outstanding borrowings under the Term Loan B portion of its senior secured credit facilities.

Advanced Disposal, the fifth largest waste management company in the United States, initially had sought to go public in February of this year. However, the company says it rescinded that initial IPO because of unfavorable equity markets.

The company serves 2.8 million residential customers--221,000 commercial and industrial customers and more than 800 municipal customers. In its most recent quarter, Advanced Disposal reported announced revenue for the three months ended June 30, 2016, of $358.2 million versus $355.2 million in the same period of the prior year.

Meanwhile, net income during the second quarter increased $8.7 million year over year to $0.2 million, and the company achieved record quarterly adjusted earnings before interest, tax, depreciation and amoritization (EBITDA) and adjusted EBITDA margins of $107.5 million and 30 percent, respectively.