Anthony Hughes is senior reporter, equities, for IFR where he covers developments in US equity capital markets. He previously worked as a financial reporter and columnist for the Australian Financial Review and, prior to that, as investment editor at the Sydney Morning Herald.
ECM bankers are pinning their hopes on the defensive qualities of the rubbish collection business to help reinvigorate the struggling US IPO market.
Welcome to the new world of tech ECM. After several years spent paying huge valuation multiples for tech IPOs only to see aftermarket performance disappoint, investors may be getting the upper hand by extracting heavy discounts when these tech companies return for more equity.
Advanced Disposal Services, a sponsor-backed solid waste disposal and recycling company, launched a US$470m IPO that it will use to cut debt and allow a Canadian pension fund to offload its stake.