Waste collector Advance Disposal seeks to raise $404 mln in IPO: Reuters

Waste collection company Advance Disposal Services Inc said on Monday it expects to raise as much as US$404.3 million in its initial public offering, valuing the company at about US$1.76 billion.

The fifth-largest solid waste company in the United States had postponed a plan to go public in February due to stock market volatility.

The company expects the 19.25 million-share offering to be priced at between US$18 and US$21 per share, Advance Disposal Services said in a filing on Monday.

The Ponte Vedra, Florida-based company said it intends to use the proceeds from the offering to pay back debt.

Deutsche Bank Securities, Credit Suisse Securities (USA) and Barclays Capital are among the underwriters to the IPO.

Advance Disposal Services plans to list under the symbol “ADSW” on the New York Stock Exchange.

Update: Canada Pension Plan Investment Board (CPPIB) invested US$280 million in the parent company of Advanced Disposal Services last month. It is majority-owned by Highstar Capital.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D’Souza)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)

Photo courtesy of Highstar Capital