MISSISSAUGA, Ontario — Stephenson's Rental Services Income Fund last month announced that it completed an initial public offering of slightly more than 7 million Class A trust units at a price of $10 per unit for total gross proceeds of $70.1 million Canadian. The offering was underwritten by a syndicate led by Scotia Capital and National Bank Financial, and including other financial institutions.

The fund will use the proceeds to indirectly acquire and hold an initial 76.2 percent interest in the business currently conducted through SRA Holdings and its affiliates, with the balance to be retained by current shareholders and management of Stephenson's.

The units have commenced trading on the Toronto Stock Exchange under the symbol RNT.UN.

Based in Mississauga, Ontario, Stephenson's Rental Services is No. 48 on the RER 100, with 21 branches in the Toronto area.