Next Capital pulls Hirepool IPO as fund managers baulk at after-market support

Mon, 23 Jun 2014

By Jonathan Underhill June 24 (BusinessDesk) - Hirepool's 64 percent owner, Australian private equity firm Next Capital, has abandoned plans to sell shares in a $262 million initial public offering after concern from institutional investors that on market support for shares of the unprofitable equipment rental company wouldn't be strong enough. Next and fellow shareholders Macquarie Group holds 21 percent. Hunter Powell Investments were to have reduced their combined holdings to between 20 percent to 35 percent of the company in the IPO o...

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