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NZ's Hirepool looking to sell shares, list on NZ/Aust bourses
June 16, 2014 / 12:15 AM / 3 years ago

NZ's Hirepool looking to sell shares, list on NZ/Aust bourses

WELLINGTON, June 16 (Reuters) - New Zealand equipment hire firm Hirepool Ltd said on Monday it would issue about NZ$135 million ($116.9 million) in new shares as part of an initial public offer and sharemarket listing.

The company, which rents out a wide range of equipment for home maintenance, construction projects, and social functions, said it would sell up to 120.1 million new shares, while existing shareholders would look to sell up to 83.5 million shares.

It said the shares being offered would be sold between NZ$1.10 and NZ$1.50 each, with the final price set by a bookbuild on June 24.

The offer, which is lead managed by Deutsche Craigs, Macquarie Securities, and UBS, would raise between NZ$175 million and NZ$262 million, with the proceeds to be used in part to reduce debt.

It would be the country’s second biggest share sale this year after the government sold down a 49 percent stake in power company Genesis Energy Ltd for NZ$733 million in April.

After the share sale it was expected the company would list of the New Zealand and Australian stock exchanges on July 11.

Hirepool, which has 58 branches around the country, is currently owned by private investors and private equity firm Next Capital. After the IPO it was expected they would hold between 20 and 35 percent.

The IPO is the fifth announced in less than a month, most of which have been small technology firms tapping the market to fund expansion.

$1 = 1.1546 New Zealand Dollars Reporting by Gyles Beckford; Editing by Stephen Coates

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