Neff, a lessor of industrial and construction equipment taken out of bankruptcy, announced terms for its IPO on Monday. The Miami, FL-based company plans to raise $220 million by offering 10.5 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Neff would command a fully diluted market value of $508 million.
Neff, which was founded in 1988 and booked $358 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol NEFF. Morgan Stanley, Jefferies, Piper Jaffray and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of November 17, 2014.
