GFL Environmental Inc. priced its initial public offering below a targeted range in what is still one of the largest listings by a Canadian company, according to people familiar with the matter.

GFL, which is North America’s fourth-biggest waste hauler, is selling shares for US$19 each, said the people, who asked not to be identified because the information wasn’t public yet. The company sold about 75 million shares, one of the people said.

GFL is raising about US$1.4 billion in the offering. The company earlier planned to raise as much as US$1.54 billion by selling 73.2 million shares for US$20 to US$21 each. Including a sale of tangible equity units, the company is raising about US$2.2 billion.

The company, which had been set to price its offering on Tuesday, pushed up the share sale to Monday as markets roared back after last week’s losses.

The offering is being led by JPMorgan Chase & Co., Bank of Montreal, Goldman Sachs Group Inc., Royal Bank of Canada and Bank of Nova Scotia. The shares are expected to begin trading Tuesday on the New York Stock Exchange under the symbol GFL, with the company’s debut on the Toronto Stock Exchange later in the week.

“I’m thrilled that in the face of very challenging market conditions over the last week, we were able to successfully market and price one of the largest IPOs in TSX history,” GFL founder and Chief Executive Officer Patrick Dovigi said in an email.

The pricing of GFL’s IPO was reported earlier by International Financing Review.

PrairieSky, Manulife

The listing is set to be the biggest by a Canadian company since PrairieSky Royalty Ltd.’s US$1.53 billion listing in 2014, according to data compiled by Bloomberg. Manulife Financial Corp., with a US$1.7 billion offering two decades ago, is the only Canadian company to have topped PrairieSky.

GFL, which is North America’s fourth-biggest waste hauler, had canceled IPO plans in November after investors balked at its debt load and questioned its growth prospects. It had sought to raise as much as US$2.1 billion at the top end of its marketed range of US$20 and US$24 a share. Banks running the IPO could only muster support for the offering at about US$18 a share, people familiar with the matter said at the time.

In 2018, GFL scrapped an earlier plan for an IPO after getting backing from BC Partners and the Ontario Teachers’ Pension Plan that allowed it to recapitalize. The company had aimed to raise as much as C$1 billion (US$750 million) through a share sale, people familiar with the plan said in January 2018.

100-Plus Acquisitions

Dovigi founded GFL in 2007 and has made more than 100 acquisitions since, the largest being the US$2.8 billion purchase of Waste Management Industries USA Inc. in 2018. The company has yet to turn a profit and has racked up debt to fuel those purchases -- C$7.6 billion, according to data compiled by Bloomberg.

GFL -- Green For Life -- lost C$452 million on revenue of C$3.35 billion in in 2019, according to its filings. It’s adjusted Ebitda climbed to C$826 million last year from C$409 million in the prior year.

GFL has facilities across Canada and in 23 U.S. states, serving more than 4 million homes. The company, which has more than 11,500 employees and 135,000 business customers, provides services including solid-waste hauling, soil remediation and liquid-waste management.