London Stock Exchange today welcomed HSS Hire Group plc
London Stock Exchange today welcomed HSS Hire Group plc to open conditional dealings in the Company’s shares following its successful IPO.
HSS Hire Group is the second largest provider of tool and equipment hire and related services in the United Kingdom and has provided equipment hire services for more than 50 years, primarily focusing on the business to business market. Alongside traditional equipment hire, the Group offers a range of complementary, value-added services through its HSS OneCall, Reintec, TecServ and HSS Training businesses, and also offers specialist rental equipment under its ABird, Apex and UK Platforms brands. HSS operates from over 265 locations, serviced by a delivery fleet of over 400 commercial vehicles and approximately 2,900 colleagues, through a well-established hub and spoke distribution network.
HSS Hire raised £103 million to accelerate its growth, in an initial public offer priced at 210 pence per share, giving the business a market capitalisation of £325 million at admission.
HSS Hire will be admitted to the premium listing segment of the Official List and to trading on the Main Market, and the commencement of unconditional dealings is expected to take place on 9 February 2015 under the ticker HSS.
Chris Davies, Chief Executive Officer of HSS Hire, said: "Proceeds from the IPO will enable us to accelerate our growth plans and expand from 265 to over 500 locations in the UK and Ireland over the next few years as we roll-out our new Local Format Branches nationwide. With a proven business model and a clear strategy for growth, we are excited about our future as a listed business."
J.P. Morgan Cazenove acted as Global Co-ordinator, Joint Bookrunner and Sponsor, with Numis Securities acting as Joint Bookrunner and Berenberg acting as Co-Lead Manager. Citigate Dewe Rogerson was financial PR adviser.