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Rubbish start for garbage collector
Thursday 20 Oct 2016 Author: William Cain

Waste management business Biffa (BIFF) has rejoined the stock market with an enterprise value of £750m, a quarter of a billion lower than when it was pitched to investors earlier in the year. Biffa floated with a market cap of £450m and net debt at around £300m. Investors are driving a harder bargain in 2016 on IPOs amid more uncertain economic conditions which have seen a number of deals scrapped. Biffa’s main private equity backers Avenue Europe, Angelo & Gordon and Bain are retaining around 39% of the business.

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