HSS Hire breaks the mould and publishes prospectus on time
TOOL rental firm HSS Hire yesterday unveiled the prospectus for its forthcoming float alongside its price range – breaking the much-criticised convention of delaying publication until shares start dealing.
Last year’s record flurry of flotations was accompanied by a widespread lag in the disclosure of information by companies coming to the market.
HSS, which will price shares at between 210p to 262p, has issued the 208-page document 18 days before it starts trading on the main market. It comes in the wake of recommendations made by Lord Myners in his report on the float of Royal Mail.
Myners suggested firms publish a prospectus “as early as possible in the process,” although this is not thought to have driven HSS’ decision directly.
Details in the prospectus show HSS is set to pay £13.5m in fees in order to list on the market.
The tools outfit, led by chief executive Chris Davies, is being sold to public investors by its owner Exponent Private Equity and is raising £103m from the listing to cut its stake.
The listing could value the company at £365m, if shares price in the middle of the range.