SYDNEY - Australia's Emeco Ltd, an earthmoving equipment hire business, is likely to raise close to A$1.5 billion ($1.65 billion) ahead of a possible share market listing in the fourth quarter of calendar 2006, a person close to the offer said today.
The source, who declined to be named, saidEmeco's enterprise value was about A$2.0 billion.
Emeco said earlier on Tuesday it was seeking proposals from a number of investment banks to provide advice on capital raising options, including a possible initial public offering.
Private equity investors Pacific Equity Partners and Archer Capital jointly own a majority stake in Emeco, after they co-led a near A$500 million management buyout of Emeco from Darr Equipment, a US-based family conglomerate, in December 2004.
Established in 1972, Emeco has operations in Australia, Canada, the Netherlands, Indonesia and the United States. Its fleet of is made up of more than 600 items of earthmoving equipment. Emeco also sells second-hand machinery, as well as providing parts and maintenance services to its clients.
