Neff Corp. has scheduled its initial public offering for Friday, Nov. 21. The Miami-based equipment rental company will issue about 10.5 million shares at $20 to $22 per share. For the 12 months ended Sept. 30, Neff Corp. generated revenues of $358.3 million, 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 for the period.
Morgan Stanley, Jefferies and Piper Jaffray were underwriters for the IPO, with Boa Merrill Lynch and Wells Fargo Securities as co-managers.
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 CEO Graham Hood is a veteran of more than three decades in the equipment rental industry.
Neff Rental is No. 12 on the RER 100.
