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Australia Rental Company Onsite Rentals Prepares for IPO

Australian rental chain Onsite Rentals has been valued at as much as AUS $700 million (about U.S. 475 million) in preparation for its pending initial public offering by sponsor brokers Bank of America Merrill Lynch and Macquarie Capital, the Australian Financial Review is reporting.

Australian rental chain Onsite Rentals has been valued at as much as AUS $700 million (about U.S. 475 million) in preparation for its pending initial public offering by sponsor brokers Bank of America Merrill Lynch and Macquarie Capital, the Australian Financial Review is reporting. The brokers this week sent detailed investor education reports to fund managers to begin its IPO marketing campaign.

Onsite Rentals has 7 percent market share in the resources, infrastructure, commercial and industrial and property markets, AFR said. Onsite Rentals is owned by a group of financial investors that took control through a restructure in 2017. Onsite’s leading competitors in the Australian equipment rental market are Coates Hire and family-owned Kennards Hire.

Onsite was founded in 1988 and now has 34 branches in Australia, according to the documentation. The brokers said Onsite was expected to record $235 million in revenue in the 2019 financial year, and $75 million EBITDA, with primary revenue coming from rental of power generation, access equipment, site accommodation, earthmoving equipment and industrial tools.

The brokers hope to launch the IPO in the fourth quarter. To read the full story in the Australian Financial Review, go to: https://www.afr.com/street-talk/ipo-hopeful-onsite-rentals-valued-at-as-much-as-700-million-20191007-p52yed

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