Advanced Disposal Services announced that it is postponing its IPO as a result of “unfavorable equity market conditions.”
The announcement comes less than 10 days after the firm had announced the launch of the offering. It planned to offer 9,037,033 shares of common stock and the selling stockholder is offering 12,391,538 shares of common stock.
“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,” says Leone Young, principal of LTY ERC, LLC, an environmental services industry consultancy.
The IPO is aimed to pay down debt. Advanced is owned by private equity firm Highstar Capital, which is likely attempting to monetize its position.