New Zealand’s Hirepool Planning IPO

June 11, 2014
Hirepool, New Zealand’s largest equipment rental company, has confirmed plans to go public with an initial public offering. The company hopes to raise NZ $250 million (about U.S. $214 million), according to New Zealand news reports.

Hirepool, New Zealand’s largest equipment rental company, has confirmed plans to go public with an initial public offering. The company hopes to raise NZ $250 million (about U.S. $214 million), according to New Zealand news reports.

The Auckland, N.Z.-based company is primarily owned by former chief executive Tenby Powell and his wife Sharon Hunter, with Australian private equity firm Next Capital also holding a large stake. The company expects to register a prospectus on June 16. On listing, Hirepool could have a market value of about $300 million, with Next Capital retaining a minority cornerstone shareholding, according to reports.

Hirepool said Deutsche Craigs, Macquarie Securities and UBS New Zealand are the joint lead managers with ANZ Bank New Zealand as co-manager.

Hirepool last year acquired top competitor Hirequip out of receivership. Earlier this year the company named Brian Stephen chief executive.