Coates Hire denies IPO reports

Coates Hire has denied media reports that it will conduct an Initial Public Offering (IPO) to raise up to A$700 million (€592 million).

Press reports in Australia said Coates' two majority shareholders, Carlyle Group and Seven Group Holdings, were preparing the IPO. The two have just arranged a A$1.85 billion (€1.57 billion) refinancing of the rental business.

James Welch, finance director of Coates Hire, in a statement published on the company's website, said; "Contrary to on-line media reports, Coates Hire does not currently have an intention to conduct an Initial Public Offering.

"The Company is in the advanced stages of refinancing its Senior Credit Facility and anticipates completing this process by the end of August. As is always the case, we continue to review various means of funding the continued strong growth of the Coates Hire business."

Coates Hire has been growing rapidly on the back of investment in Australia's natural resources sector. The rental company - the largest in Asia - was ranked number five in the just-published IRN100 list of the world's largest 100 equipment rental companies. It invested €380 million in its fleet last year.