Toronto-based Stephenson’s Rental Services is preparing an initial public offering to raise more than $70 million, the company said.
Stephenson’s Rental Services Income Fund announced it has filed a final prospectus with the securities regulatory authorities in each of Canada’s provinces and territories. The company will offer more than 7 million trust units at $10 per unit. The fund will use the proceeds of the offering to indirectly acquire and hold an initial 76.2 percent interest in the business currently conducted through SRA Holdings and its affiliates, with the balance to be retained by current shareholders and management of Stephenson’s.
The closing of the offering is subject to customary conditions and is expected to occur this week. The units are to be listed for trading on the Toronto Stock Exchange under the symbol RNT.UN. The offering is being underwritten by a syndicate led by Scotia Capital Inc. and National Bank Financial Inc. A copy of the fund’s prospectus will be available on www.sedar.com.
Stephenson’s has 21 branches in the Toronto metropolitan area and is No. 48 on the RER 100.