SCOTTSDALE, Ariz. — RSC Holdings last month raised $458.3 million in its initial public offering, with the initial 20.8 million shares selling for $22 each, slightly less than the $23 to $25 range the company had expected. RSC's initial foray into the public market was seen as disappointing by analysts as first-day markets closed with shares trading at $19, less than the initial price.

The IPO was held seven months after Swedish manufacturer Atlas Copco sold a majority stake in the company to private equity firms Ripplewood Holdings and Oak Hill Capital Management, with Atlas Copco retaining a 14.5-percent ownership. After the IPO, Atlas Copco reduced its stake to 11 percent, while Ripplewood and Oak Hill held on to a 67-percent ownership.

Wall Street analysts said RSC's debt level was seen as a concern by potential investors. On March 31, on a pro forma basis after taking into account the IPO and use of proceeds, the company would have had about $2.75 billion of debt outstanding. RSC intends to use IPO proceeds to repay $253.7 million of debt, pay an associated prepayment penalty of $5.1 million and pay a $20 million fee to Ripplewood and Oak Hill to terminate a management advisory agreement.

Ben Holmes, publisher of Morningnotes.com, a research company that tracks IPOs, said investors were becoming wary of IPOs where the company's sponsors stood to make a windfall gain a few months after their initial investment.

RSC earned $20.2 million on revenue of $406.6 million in the first quarter, compared with $41.2 million on revenue of $385.9 million in the first quarter of 2006. The company earned $186.5 million on revenue of $1.6 billion in 2006 and $164.2 million on revenue of $1.5 billion in 2005. By the end of the first quarter, RSC's rental fleet had an original equipment cost of $2.4 billion and its average fleet age was 25 months.

Based in Scottsdale, Ariz., RSC has 459 branches in 39 states, four Canadian provinces and Mexico. The company is No. 3 on the RER 100.