Hirepool plans IPO

New Zealand’s largest equipment rental company, Hirepool, plans to list on the country’s stock exchange (NZX) through an initial public offering (IPO).

Hirepool is majority owned by Australian private equity company Next Capital, and a listing could value it at up to NZ$300 million (€191 million), according to reports.

More details will be available when the company issues a prospectus on the IPO, expected soon.

In May last year, Hirepool completed the acquisition of its biggest competitor, Hirequip.

The deal added around NZ$75 million (€48 million) in revenues to its existing NZ$85 million (€54 million) business, and giving it a market share exceeding 30%.

Hirequip had an emphasis on heavy equipment, while Hirepool concentrates on specialist rental and small and medium size customers. Hirepool named Brian Stephen, former head of Hirequip, as chief executive.

Hirepool has 69 branches throughout New Zealand.