HSS Hire lists on London Stock Exchange
By Helen Wright05 February 2015
UK rental company HSS Hire launched its initial public offering (IPO) on the London Stock Exchange on 4 February, at the lower end of its expected price range.
The company listed with an offer price of £2.10 (€2.80) per share, which gave it a total market capitalisation at the start of trading of £325 million (€433 million). HSS had initially said the IPO would be priced at between £2.10 (€2.80) and £2.62 (€3.49) a share.
The offer comprised 49047619 new shares and 5119048 existing shares, representing 35% of the group.
The company said the IPO was planned to raise £103 million (€137 million) to fund exansion, as well as £11 million (€15 million) for investors from private equity group Exponent - one of HSS's current major shareholders - co-investor Standard Life and members of the company's senior management.
Following the IPO, Exponent will still hold around 50% of the voting rights attached to the issued share capital of the company.