Waste giant Biffa has confirmed plans to float in London’s biggest IPO since the Brexit vote
Biffa Waste Services today confirmed its intention to float on the London Stock Exchange in a deal which would reportedly value the firm at £1bn and propel it straight onto the main market.
The company, which was forced to undergo a restructuring after the financial crisis, wants to raise £270m in what will be the biggest initial public offering since the UK voted to leave the EU in June.
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Biffa said that it will use the cash injection to consolidate the fragmented UK waste disposal market in which it operates. The group's flotation plans were first reported by Sky News late last night.
Ian Wakelin, chief executive of Biffa, said: "We believe there are multiple levers for continued organic growth and margin expansion in a market underpinned by structural growth drivers which favour Biffa’s service-oriented business model. Moreover, we operate in a fragmented market providing opportunities for further highly synergistic in-fill acquisitions."
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"We are successfully implementing a three-pronged growth strategy, centred on growing our market presence, broadening our range of services to meet our customers’ complex needs and driving efficiencies across the business. We look forward to continuing to implement this strategy as a public company."
Citigroup and JP Morgan are acting as joint global co-ordinators, joint book runners and joint sponsors. HSBC is acting as joint book runner, Peel Hunt is acting as lead manager and Rothschild is acting as financial adviser.