Bulldozer renter returns to IPO market; Neff refiles for an IPO that could raise $200 million


Neff, an industrial equipment rental company taken out of bankruptcy by Wayzata, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate the company could raise $200 million or more.

Neff originally went public in May 1998 but was delisted from the NYSE in 2001. It was bought by Odyssey Investment Partners in 2005 for $510 million and filed for a $345 million IPO in May 2006 but later withdrew. It was then sold to Lightyear Capital for $900 million in 2007. Neff filed for bankruptcy in 2010 as US construction activity slowed during the financial crisis and the company was acquired by Wayzata Investment Partners.

Neff has nearly $900 million of debt on its balance sheet after Wayzata issued a $330 million distribution in June and $110 million distribution in December.

The Miami, FL-based company, which was founded in 1988 and booked $347 million in sales for the 12 months ended June 30, 2014, plans to list under the symbol NEFF. Morgan Stanley, Jefferies, Piper Jaffray, BofA Merrill Lynch and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Bulldozer renter returns to IPO market; Neff refiles for an IPO that could raise $200 million originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: News Headlines , IPOs

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