The construction industry’s digital transformation is heading to the Nasdaq.
EquipmentShare.com, the Missouri-based construction tech firm, has set terms for its IPO, targeting a valuation of up to $6.41 billion.
💰 THE DEAL METRICS:
- Ticker: $EQPT (Nasdaq).
- Price Range: $23.50 – $25.50 per share.
- Raise: Up to $777.75 million (offering 30.5M shares).
- Underwriters: Goldman Sachs, UBS, Wells Fargo.
📱 THE “T3” EDGE: EquipmentShare isn’t just renting bulldozers; it’s connecting them.
- The Platform: Their T3 operating system tracks utilization, health, and location of assets, effectively bringing IoT to the jobsite.
- The Footprint: Currently operating 373 locations across 45 states, with aggressive plans to nearly double to 700 sites within five years.
🚀 GROWTH VS. PROFIT: Unlike many tech IPOs of the past era, $EQPT is showing both hyper-growth and black ink.
- CAGR: 140% annual revenue growth since founding (2015).
- Net Income: Expecting $5M – $15M in 2025 (up from $2.4M previous year).
💡 ANALYST TAKEAWAY: This is a massive validation for the “Industrial Tech” thesis. Backed by Insight Partners and BDT & MSD, EquipmentShare is proving that you can disrupt a legacy sector (equipment rental) by layering software on top of hard assets. If the IPO prices at the top of the range, expect renewed VC interest in other “Blue Collar” tech verticals like logistics and manufacturing.
👇 ConTech Investors: Is EquipmentShare a tech company with assets, or an asset company with good software? The multiple depends on your answer.