25.06.2014

Hirepool float abandoned

Australian private equity firm Next Capital withdrew its Initial Public Offering for New Zealand rental company Hirepool yesterday after local institutions were put off by an overinflated asking price. They effectively drove the indicative pricing down from $1.10 to $1.50, before Next decided to pull the plug on the offering.

A number of major institutions had made it known that they considered anything over 70 to 80 cents a share as overly optimistic and effectively boycotted the issue.

Next Capital had hoped to raise around $260 million from the floatation See Hirepool flotation confirmed