Private equity-backed Canadian waste management company GFL Environmental Inc is seeking to raise as much as C$1 billion ($778 million) in an initial public offering that could be filed as early as the first quarter, people familiar with the situation told Reuters on Wednesday.
The company, whose 'Green for Life' slogan is seen across major Canadian cities, is interviewing Canadian and international investment banks to pick underwriters, the people said, declining to be named discussing the confidential matter.
A C$1 billion IPO would be the biggest Canadian listing since Kinder Morgan Canada Ltd raised C$1.7 billion early this year, and would value GFL at nearly C$5 billion, the people said. The IPO would provide an exit for investors including US private equity firm HPS Investment Partners LLC and Macquarie Infrastructure Partners III, a fund linked to a unit of Australian financial services firm Macquarie Group.
While an IPO is one of several ways to unlock value, no decision has been made to proceed with an offering, GFL General Counsel Joy Grahek said. HPS and Macquarie declined to comment. GFL has been working closely with Bank of Montreal and Canadian Imperial Bank of Commerce, which are likely to play a big role in the IPO, the people said. The company raised $350 billion in a bond offering in May.
Led by Chief Executive Patrick Dovigi, GFL has grown through acquisitions into one of Canada's biggest waste management companies. GFL, whose flashy green-colored trucks are seen across the country, has about 140 facilities across Canada and in Michigan.
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