HSS Hire IPO: Tool hire firm covers books to become first main market listing of 2015
Floating tool hire firm HSS successfully found enough investors last night to cover the books on its initial public offering (IPO), City PM understands.
Smaller firms have floated on the alternative investment market (AIM) this year, but HSS is the first main market listing of 2015.
Its bookrunners are still gathering orders for the shares from the US, which should help the stock float firmly above the 210p lower end of its price range, implying a valuation of more than £320m.
Sources are confident the firm will gain a range of long-only funds, making for a relatively stable price.
But retail investors could be disappointed.
Heavy advertising had raised expectations that as much as 50 per cent of the stock could go to small investors, but it now seems likely that high-paying institutions will push that stake down to below 20 per cent.