Equipment rental company Hirepool is said to be planning an initial public offering on the NZX within the next few months.
Hirepool, which is majority owned by Australian private equity firm Next Capital, has hired Deutsche Bank/Craigs Investment Partners, Macquarie Capital and UBS to manage the float, according to Australian Financial Review sources.
The company is benefiting from the Christchurch rebuild and rebound in Auckland construction and is tipped to list with a market capitalisation of about $300 million, the AFR says.
Last year Hirepool bought rival Hirequip out of receivership in a bid to get greater exposure to the heavy construction sector as the Christchurch rebuild starts hitting its stride.
At the time Hirepool said the deal would give it a "meaningful presence in the high value heavy and building segments", an area it is not really exposed to. Its existing customers are largely small and medium construction businesses which it targets with specialist equipment, it says.
The company pointed to the Christchurch earthquakes as a "catalyst for growth" and led to new entrants into the market and expansion by existing players.
Hirequip's parent shareholding companies Pacific Equipment Solutions, PES Finance and Hire Equipment Group were placed in receivership in July 2013, and came just a month after boss Rob Nichols was quoted as saying the company could seek a listing on the NZX as earnings recovered.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’