HSS Hire Group float prices at the bottom end of range
HSS Hire Group will float on the London Stock Exchange at the bottom end of its price range, putting the company's market capitalisation at £325m.
The tool hire firm has set its initial public offer (IPO) price at 210 pence per share, the lower end of the 210-262 pence price range given earlier this month, in what will be the first main market listing of 2015.
HSS said 19 percent of the shares on offer had been allocated to retail investors – showing the firm is serious about attracting small buyers.
Prior to this, some institutions had told City A.M. the company was over-priced, with a range of 210p to 262p valuing it at up to £406m.
"We are delighted to have completed the IPO process successfully and, with proceeds from the offer enabling us to accelerate our growth, we are excited about our future as a listed business," Chris Davies, chief executive at HSS, said.
"Our focus now will be on executing our proven strategy, and building on our established track record of industry-leading growth and returns on assets, for the benefit of all our shareholders."
JPMorgan acted as global coordinator, joint bookrunner and sponsor while Numis Securities also acted as joint book runner.