Neff IPO closes

US-based rental company Neff Corporation said it had closed its initial public offering (IPO) and was now listed on the New York Stock Exchange.

It offered 10476190 shares of its Class A common stock for US$15 (€12) a share – lower than the US$20 (€16) to US$22 (€18) per share estimate it had announced prior to the IPO launch.

The lower launch price valued the company at around US$157 million (€126 million).

Neff’s private equity owner Wayzata Investment Partners retained all of the company’s Class B common stock, giving Wayzata 58.8% of the voting power and economic interest in the new publicly-listed company.

In October 2010, Neff emerged from Chapter 11 after completing a financial restructuring with Wayzata. Neff filed for Chapter 11 protection on 16 May 16, 2010.