New Zealand’s largest equipment rental business, Hirepool, intends to list on the share market and will send out a prospectus for the offer this month.
The company told the New Zealand Herald the issue price for its shares will be set after a book build process that would follow registration of the prospectus around June 16.
According to Deutsche Bank the company has an equity value from $260 to $320 million which was released in pre-marketing research last week. The bank says Hirepool expects to post revenue of more than $156 million for the 2015 financial year.
According to the New Zealand Herald, the float of Hirepool could be the second biggest initial public offering this year, following the listing of Genesis Energy in April.
The company says all shares offered will be at the issue price and will be fully paid ordinary shares which will rank equally with each other and all existing shares.
The majority of the company is owned by former Hirepool chief executive Tenby Powell and his wife Sharon Hunter, who was one of the principal partners in PC Direct. Hirepool also acquired its rival Hirequip last year.
An Australian private equity firm Next Capital also holds a stake in the business.
