New Zealand’s largest equipment rental company Hirepool has scrapped plans for an initial public offering, which would have been the country’s second largest IPO this year because of reports that institutional investors were unwilling to pay the asked-for price.

According to New Zealand news reports, the company’s major shareholders decided not to proceed with the IPO, which had aimed to raise between NZ$175 million (about U.S. $153.4 million) and NZ$262 million (about U.S. $230 million).

“Given the strength of the New Zealand economy and the positive outlook for Hirepool, Next Capital Pty Limited on behalf of Next Capital Funds have determined that they are comfortable retaining control of the Hirepool business,” the company said in a statement.

The IPO had planned to offer up to 120 million new shares, with existing shareholders selling up to 83.5 million shares.

The share offer would have given Next Capital control of at least 65 percent of the company, according to reports.