Neff Corp. plans to offer almost 10.5 million shares with an offering price of $20 to $22 per share for its upcoming initial public offering, according to its amended registration with the Securities & Exchange Commission.
The offering is being led by Morgan Stanley, Jefferies and Piper Jaffray.
For the 12 months ended Sept. 30, Neff Corp. generated revenues of $358.3, with 88 percent of the revenue derived from equipment rentals. Neff had net income of $15.9 million and adjusted EBITDA of $176.1 million.
Neff, based in Miami, is known in the rental industry as Neff Rental. The company plans to list on the New York Stock Exchange under the ticker NEFF.
Neff plans to use a portion of the IPO proceeds to pay down principal on an outstanding second lien loan, scheduled to mature in 2021. Another portion will go to repay part of its revolving credit facility, scheduled to mature in late 2018. The company has 64 locations, primarily in the southeast and southwestern United States.
Neff Rental is No. 12 on the RER 100.
