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Wednesday, Mar 22, 2023

General Finance Contemplates Aussie Spin Off

General Finance Corp. in Pasadena announced that its subsidiary GFN Australasia Holdings Pty Ltd. is considering an initial public offering in Australia.

General Finance sells and leases portable storage and freight containers. The company plans to use the proceeds from the IPO to pay down debt and for general working capital. The company estimates the public offering will generate at least $105 million.

After the IPO, the Australian operation will be renamed Royal Wolf Ltd. General Finance plans to retain a majority interest in Royal Wolf.

The final decision to proceed with the IPO depends on an acceptable underwriting agreement with a brokerage firm, the company said. General Finance plans to file a prospectus with the Australian Securities & Investments Commission.

Shares of General Finance gained 13 cents, or 4 percent to trade at $3.28 by mid-day on the Nasdaq.

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