04.09.2014

Neff to float

US rental company Neff Corp has filed for an Initial Public Offering of its Class-A shares in order to raise around $100 million.

The company intends to list its stock under the symbol ‘NEFF’, but has not specified which stock exchange it plans to list on. The filing does not indicate how many shares the company plans to sell or their expected price.

Neff has flirted with a flotation before, filing for an IPO in 2006, only to withdraw it in 2007, after it was acquired by private equity firm Lightyear Capital for around $900 million. The company filed for Chapter 11 bankruptcy in May 2010 emerge from the process some five months later. Private equity firm Wayzata Investment Partners then acquired a controlling interest.

Neff reportedly achieved revenues of $170 million in the first half of this year, up 13 percent on the same period in 2013, but made a net loss of $17.4 million compared with a profit of $13 million last year.

Based in Miami it operates from 64 locations in 14 southern states and employs over a 1,000.