Futures were up this morning but the market at the moment is down from it’s historic run yesterday where it gained more in one day than ever before. This run has probably impacted the decision for GFL to move up their IPO to today when it was supposed to hit tomorrow. We haven’t seen this since IPO Payday was started back in September. What does this mean? Historically when volatility gets this high in the market it does impact the numbers of IPOs that come to the market. That is what I am expecting here over the next several months. Yet we do have some IPO events happening today, so let’s get into those below.
GFL Environmental Holdings, Inc. (GFL)
Interesting move by GFL. They were scheduled to debut back in the fall but postponed the offering. They rescheduled for this Wednesday (tomorrow) but with the recent move up in the markets, they also moved up their debut till today. THis is an environmental services company and is the fourth largest in its industry in North America. It has grown primarily through acquisition which is a concern to long term investors and as a result finds itself four times leveraged. Its competitors like Waste Management has traded well, but it is coming into a very volatile market. Additionally, it has priced it’s 73 million shares at $19 a share which is a full dollar below it’s range of $20-$21. As a result I am going to watch this one hit the market and unless I see it break all time high or continually run up, I’ll wait to see where it prices and how it acts in this volatile market.
NREF, ONEW, PFHD all end their quiet period today. None of these have IPOs have great underwriters so I don’t suspect the upgrades they will receive will impact them too much.