The company’s owner, buyout firm Exponent, said the firm now ranks as the second largest tool hirer in the UK with a strong presence in power generation and powered access.

It plans to raise £103m to help pay down debt and bankroll further growth.

Chris Davies, chief executive officer of the national tool hirer, said: “HSS has outperformed the UK tool and equipment hire market in recent years.

“Having built a well-differentiated market position and a scalable business model underpinned by capital efficiency, we have an exciting opportunity ahead of us as we implement our growth plans.

“A public listing will put the business on the best footing to maximise our potential as the recovery in our markets gains momentum, enabling us to scale our model faster and accelerate our growth.”

HSS, which operates from 265 locations aims to use cash to investment in further expansion targeting a network of 500 depots across the UK and Ireland.

The business has  benefitted from construction recovery with revenue rising from £177m in the year to the end of December 2011 to  £272m in the 12 months to September 2014.

HSS also announced this morning the appointment of Sainsbury’s commercial director Neil Sachdev as deputy independent non-executive chairman.