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HSS Hire valued at £365mln; DFS next onto IPO conveyor

HSS Hire valued at £365mln; DFS next onto IPO conveyor

Tool hire group HSS has confirmed it will raise over £100mln in new money when it floats on the London stock market.

The construction and DIY equipment renter and retailer, which has 265 branches across the UK, will sell the shares in a price range between 210p to 262p.

Earlier reports had suggested the group might be worth up to £600mln, but the mid-point of today’s range values it at £365 mln.

After the decision of online ticket group Trainline to sell to a private equity firm today, HSS will be the first significant listing in London in 2015.

It said it expects to raise £103mln gross in new money to cut its £200mln debt. The prospectus is issued today.

Meanwhile, furniture giant DFS is said to be lining up a £1bn float following strong trading throughout 2014.

DFS is the UK’s second largest furniture retailer behind IKEA and owned by Advent International, which bought the group from Lord Kirkham in 2010. It is also said to be looking to raise more than £100mln in new money.

Hargreaves Lansdown is being lined up to co-ordinate the retail portion of the float according to today's reports.

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