IPO update from Neff Corp

US equipment rental company Neff Corporation has given an update on its planned initial public offering – it said it would offer over 10,476,190 shares on the New York Stock Exchange at an offering price of US$20 (€16) to US$22 (€18) per share.

The IPO, led by Morgan Stanley, Jefferies and Piper Jaffray, valued the company at around US$230 million (€185 million) at the maximum offer price.

When Neff first outlined its IPO strategy earlier this year, it said it planned to raise around US$100 million (€76 million).

In October 2010, the company emerged from Chapter 11 after completing a financial restructuring with private equity partner Wayzata Investment Partners. Neff filed for Chapter 11 protection on 16 May 16, 2010.

Under the terms of the IPO, Wayzata would retain control of around 55% of the company.