Neff Corp. has filed an initial public offering with the U.S. Securities & Exchange Commission for a target goal of raising $100 million. The 25-year-old, Miami-based company, which rents, leases and sells construction equipment through 64 branches across 15 states, filed the IPO on Sept. 3.
Company executives believe that Neff's focus on earthmoving equipment positions it to capitalize upon future growth, says the IPO prospectus, which also says an industry trend from owning to renting likely will continue as construction firms increasingly seek ways to lower overhead costs and reduce risk.