Another substantial stock is set to list on the NZX after rental company Hirepool yesterday registered its prospectus for an initial public offer aimed at raising up to $262 million to allow a capital raising and partial sale of shares by its existing owners.
Post-float, Hirepool will have an indicative market capitalisation of between $281 million and $339 million, according to the offer documents.
At the top end of that range, Hirepool as a listed entity would be of similar size to NZOG, which yesterday had a market capitalisation of $326 million.
Hirepool, which last year merged with its main rival, Hirequip, is looking to raise between $175 million and $262 million - based on an indicative price of $1.10 and $1.50 a share - making it the year's second biggest float after the state-owned Genesis Energy's partial sell-down in April, which raised $733 million.
Hirepool said the offer would comprise up to 120.1 million new ordinary shares to raise about $135 million of new capital and would involve the sale of up to 83.5 million existing shares.