HSS Hire Group's share price slipped over four per cent as it debuted onto the London Stock Exchange, a slightly underwhelming start for the first main market listing of this year.
The tool hire firm had floated at 210 pence per share, at the bottom of its 210 – 262 pence range announced earlier this month, giving it a market capitalisation of £325m.
HSS said 19 per cent of the shares on offer had been allocated to retail investors, demonstrating that the firm is serious about attracting small buyers.
Prior to this, some institutions had told City A.M. the company was over-priced, with a range of 210p to 262p valuing it at up to £406m.
"We are delighted to have completed the IPO process successfully and, with proceeds from the offer enabling us to accelerate our growth, we are excited about our future as a listed business," Chris Davies, chief executive at HSS, said.
"Our focus now will be on executing our proven strategy, and building on our established track record of industry-leading growth and returns on assets, for the benefit of all our shareholders."
JPMorgan acted as global coordinator, joint bookrunner and sponsor while Numis Securities also acted as joint book runner.