RSC Holdings presented 20.8 million shares for its recent public offering. The shares, which included 8.3 million units owned by current shareholders, were originally priced at $23 to $25. After opening at $22 per share, they dropped to $19 at the end of the first day of trading.
The company collected $485.3 million from the IPO and will pay off $253.7 million in debts, in addition to a prepayment penalty of $5.1 million and $20 million to cancel a management advisory contract.
An RSC spokesperson declined to comment on the offering, stating that the company is in a quiet period.