Sept 3 Industrial equipment rental company Neff
Corp filed with U.S. regulators for an initial public offering
of its Class A common stock on Wednesday.
Morgan Stanley, Jefferies, Piper Jaffray and BofA Merrill
Lynch are among the main underwriters to the IPO, the
Miami-based company told the U.S Securities and Exchange
Commission in a preliminary prospectus.
The company intends to list its common stock under the
symbol "NEFF", but did not specify the exchange. (1.usa.gov/1nY7JrK)
The filing included a nominal fundraising target of about
$100 million, but did not reveal how many shares the company
planned to sell or their expected price.
Neff filed for an IPO in 2006, only to withdraw it in 2007,
after being bought by private equity firm Lightyear Capital for
about $900 million, including debt.
The company, which counts United Rentals, Hertz Equipment
Rental and Ahern Rentals among its competitors, filed for
bankruptcy in May 2010, only to emerge from Chapter 11
proceedings in October that year.
Private equity firm Wayzata Investment Partners LLC took
control of the company post the restructuring.
Neff reported a net loss of $17.4 million for the six months
ended June 30, compared with a profit of $13 million a year
earlier. Revenue rose about 13 percent to $170.1 million.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Simon Jennings)