WASHINGTON (dpa-AFX) - Advanced Disposal Services Inc. joins the growing list of companies to postpone their initial public offering amid the volatility in stock markets.
The solid waste company said it is postponing its previously announced IPO due to unfavourable equity market conditions and added that it will continue to evaluate the proposed offering as market conditions develop.
Advanced Disposal is fifth largest solid waste company in the U.S providing integrated, non-hazardous solid waste collection, recycling and disposal services across 17 states and the Bahamas.
Advanced Disposal had launched an initial public offering of 21.43 million shares of its common stock. The company was offering 9.04 million shares of common stock, while the selling stockholder was offering 12.39 million shares.
The shares were approved for listing on the New York Stock Exchange under the ticker symbol 'ADSW.' The company had set a range of $20 to $22 for the IPO, valuing the entire offering at about $500 million.
Several companies have recently postponed their IPOs due to recent high levels of volatility and uncertainty in global equity markets. The IPO market has been dampened by the sluggish economy, volatile stock markets, and weak demand from investors.
There were no IPOs at all in the U.S. in January, marking the first month since September 2011 to not witness a stock market debut.
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