Rental company Hirepool said its shares would be priced in a $1.10 to $1.50 range for next month's initial public offer and share market float.
The company said in a statement its offer was aimed at raising between $175 million and $262 million. Hirepool, which registered its prospectus today, expects to list on the NZX and ASX on July 11.
Hirepool said the offer would comprise up to 120.1 new ordinary shares to raise about $135 million of new capital and would involve the sale of up to 83.5 million existing shares.
Capital raised through the issue of new shares will be used to pay down Hirepool's existing debt and to buy more shares in a majority owned subsidiary.
After the offer, existing shareholder - Australian private equity firm Next Capital - and its co-investors would continue to own between 20 to 35 per cent of the company's ordinary shares, the company said.
The final pricing will be determined on June 24 through an auction-style bookbuild process aimed at institutions and retail brokers, Hirepool said.
