Advanced Disposal Services announced on Wednesday that it would be postponing its previously announced initial public offering (IPO). The company elected to postpone the offering as a result of unfavorable equity market conditions and will continue to evaluate the proposed offering as market conditions develop.
Originally, the company was going to sell roughly 9.04 million shares while selling stockholders would sell 12.39 million shares, and there is an overallotment option for an additional 3.21 million available from Advanced Disposal Services. These shares were expected to price in the range of $20 to $22 per share, valuing the entire offering at roughly $500 million.
This leading integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services operates primarily in secondary markets or under exclusive arrangements. The company has a presence in 18 states across the Midwest, South and eastern regions of the United States, serving approximately 2.8 million residential and 202,000 commercial and industrial customers through an extensive network of 93 collection operations, 74 transfer stations, 22 owned or operated recycling facilities and 39 owned or operated landfills.
The company seeks to drive financial performance in markets in which it owns or operates a landfill or in certain disposal-neutral markets, where the landfill is owned by a municipal customer. In markets in which it owns or operates a landfill, the company aims to create and maintain vertically integrated operations through which it manages a majority of customers’ waste from the point of collection through the point of disposal, a process referred to as internalization.
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