Dive Brief:
- Advanced Disposal Services has announced it is putting a hold on its IPO, less than 10 days after the company released its terms of the offering. The decision was made due to "unfavorable equity market conditions," according to a statement.
- In early February, Advanced Disposal said the IPO planned to raise $450 million through 21.4 million shares of common stock at $20 to $22 each.
- "Although solid waste is a relatively desirable area right now in the investment community, it is just tough sledding for any IPO in this volatile market," said Leone Young, principal of LTY ERC, to Waste360.
Dive Insight:
The industry has been closely watching Advanced Disposal's moves to go public since the company filed for a $100 million IPO in late August 2015, with plans to list under symbol ADSW. The Ponte Verda, FL-based company seemed to be moving in a promising direction, however an unpredictable market proved to be an obstacle.
Despite postponing the IPO, Advanced Disposal is still showing progress with mergers and acquisitions. In January, the company purchased FDS Disposal LLC for an undisclosed amount, following 13 acquisitions that were made in 2015.
