GFL lines up investment banks for IPO, seeks to raise up to $1.98-billion

Photo by Sikander

Waste management company GFL Environmental Inc. is seeking to raise up to $1.98-billion (US$1.5-billion) in an initial public offering this fall, according to a person close to the transaction, one year after it brought in new private-equity backers.

The Toronto company, whose lime green garbage and recycling trucks have become fixtures in cities across Canada and the United States, plans to dual-list its shares on the Toronto Stock Exchange and in the U.S., although it has not selected an American exchange yet. GFL has hired a syndicate of investment banks to advise on the offering, with Royal Bank of Canada and Bank of Montreal doing the Canadian side of the deal and J.P. Morgan Chase and Co. and Goldman Sachs Group Inc. handling the U.S.


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