Jan 23 (Reuters) – EquipmentShare.com shares rose 16.3% in their Nasdaq debut on Friday, valuing the construction rental firm at $7.16 billion.
The Columbia, Missouri-based company’s stock opened at $28.50, compared with its offer price of $24.50 per share.
EquipmentShare raised $747.3 million in its U.S. initial public offering on Thursday after selling 30.5 million shares at the mid range of its $23.50 to $25.50 marketed range.
Stable market conditions, a series of interest rate cuts and enthusiasm around artificial intelligence stocks are drawing more companies to the listings market at the start of the year, after a U.S. government shutdown last October forced many to shelve their plans.
Founded in 2015, the company operates the T3 software platform, which connects workers, construction equipment and materials across jobsites. The system helps contractors manage their fleet with tracking and maintenance data.
Goldman Sachs, UBS Investment and Wells Fargo were among the lead book-running managers for the offering.
(Reporting by Prakhar Srivastava and Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)
