One man’s trash… Biffa confirms £1bn IPO
The listing of the waste disposal giant could be the biggest seen in the City since Brexit.
Waste disposal giant () confirmed its intention to go public Thursday morning and, valued at more than £1bn, it could be the biggest post-Brexit float for the City so far.
According to City sources, the group plans to raise £300mln from the initial public offering (IPO) to launch an expansion drive.
The group’s 7,000 employees, it was revealed, could also be handed shares in the company.
Biffa boasts a 100-year history in UK waste management, serving over 2.4mln households in the UK and handling around 6.6mln tonnes of waste each year.
For the full year, Biffa reported revenues of £927.5mln, with an underlying profit of £62.5mln.
The referendum back in June put the brakes on IPOs, but now analysts are expecting a surge of activity in the final few months of this year. PwC has reported a strong pipeline of deals across both the junior and main market.
Read More: One man’s trash… Biffa confirms £1bn IPO