Hirepool hire adds to IPO speculation

Last updated 14:20 27/03/2014

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Hirepool has appointed a new chief executive, adding to speculation that the equipment hire company will list on the NZX.

A statement from the company today said Brian Stephen had been appointed to head Hirepool "through its next stage of growth".

Stephen was previously chief executive of Hirequip before Hirepool bought it in July 2012. During the merger he was Hirepool's chief operating officer, Colin Sinton, who previously worked for Hirepool as well as the Australian equipment hire company, Onsite Rental Group, would take over the role of Hirepool chief operating officer.

A listing of Hirepool on the NZX had been suggested by analysts as early as 2012 but one company insider, who did not want to be named, said this month the initial public offering was "definitely imminent".

The Australian Financial Review reported the company was tipped to list with a market capitalisation of about A$300 million (NZ$318m), offering investors direct exposure to the Christchurch rebuild and the resurgent Auckland construction market.

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- Fairfax Media

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