PE-backed GFL Environmental planning to go public: G&M

Toronto-based waste management company GFL Environmental Inc is preparing to launch an initial public offering (IPO) this fall, the Globe and Mail reported, citing a source.

GFL is seeking to raise up to $1.98 billion through a dual listing on the Toronto Stock Exchange and an undetermined U.S. exchange, the report said.

The company hired a syndicate of investment banks to advise on the IPO, with Royal Bank of Canada and Bank of Montreal managing the deal in Canada, the report said.

Last year, GFL was recapitalized by an investor group led by BC PartnersOntario Teachers’ Pension Plan and others. The transaction valued the business at $5.1 billion.