EquipmentShare rises 16% above IPO price in Nasdaq debut

Investing.com -- EquipmentShare.com (NASDAQ: EQPT) shares opened at $28.50 in their Nasdaq debut on Friday, rising more than 16% above the company's initial public offering price of $24.50 per share.

The construction equipment rental company raised $747 million in its IPO, offering 30.5 million shares of Class A common stock. The strong market reception values the company at approximately $7.16 billion.

Founded in 2015 and based in Columbia, Missouri, EquipmentShare describes itself as a construction technology and equipment solutions provider. The company operates a fleet management platform, telematics devices and an equipment rental marketplace using its proprietary technology called T3.

Goldman Sachs & Co. LLC, Wells Fargo Securities, UBS Investment Bank, Citigroup and Guggenheim Securities served as lead book-running managers for the offering.

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