With a continued weak stock market in early 2016, Advanced Disposal Services Inc. announced Wednesday it was postponing an initial public offering scheduled for this week.
“The company elected to postpone the offering as a result of unfavorable equity market conditions and will continue to evaluate the proposed offering as market conditions develop,” Advanced Disposal said in a news release.
The waste management company filed an updated registration statement with the Securities and Exchange Commission last week indicating it intended to sell about 21.4 million shares of common stock at $20 to $22 each.
The stock sale would have consisted of about 9 million new shares issued by the company and 12.4 million shares controlled by OPSEU Pension Trust, a Canadian government pension fund manager. OPSEU’s shares represent a 20.6 percent stake in the company.
The weak stock market has slowed the IPO market to a crawl so far this year. There were no IPOs at all in January in the U.S., the first month without one since September 2011.
Two biotech companies completed IPOs last week, the first two of the year, and a third biotech company called AveXis on Wednesday priced its IPO of 4.75 million shares at $20 each.
Advanced Disposal serves about 2.8 million residential and 202,000 commercial and industrial waste customers in 18 states.
The company is headquartered in the Nocatee development in northern St. Johns County.