24.11.2014

NEFF goes public

US rental company NEFF has priced the 10.47 million shares in its Initial Public Offering at $15 a share, valuing the business very roughly at around $350 million.

The company has also given the underwriters a 30 day option to purchase a further 1.57 million additional shares at the same price, less underwriting discounts and commissions. The shares started trading on the Nasdaq exchange on Friday when it closed at $14.85 after peaking at $15.78.

The company had initially looked to float at $20 to $22 a share but revised this downwards as the launch day approached. Wayzata will maintain a 55 percent stake in the business and control the corporation - see: Neff to float.