Next-backed Hirepool confirms IPO plans
Hirepool, a New Zealand equipment rental business backed by Next Capital, has confirmed its plans for an IPO.
The listing - which could raise around $250 million - could potentially be the second biggest New Zealand IPO this year after the listing of Genesis Energy in April. According to The New Zealand Herald, the company said it expects to register its IPO prospectus around June 16.
AVCJ Research's records show that Next Capital bought a 75% stake in Hirepool from Glam Sachs JBWere and Mainfreight for $103 million in 2006.
The company - which rents equipment such as vehicles, portable toilets and catering gear - saw sales decline by 7.6% in the 2014 financial year, according to a report by Deutsche Bank. The same report values the company at NZ$260-320 million ($221-272 million) in pre-marketing research and expects it to post a revenue of NZ$156.5 million for the 2015 financial year.
Hirepool acquired New Zealand rival HireQuip - which was backed by Tasman Capital - last year.
Deutsche Craigs, UBS and Macquarie Securities are managing the IPO.
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