(Bloomberg) -- EquipmentShare, a construction equipment rental company, is in the early stages of exploring an initial public offering, according to people familiar with the matter.

The Columbia, Missouri-based company, which is backed by BDT & MSD Partners, may seek a first-time share sale within the next 12 to 18 months, one of the people said. 

EquipmentShare raised a total of $440 million in 2022 and 2023, according to a statement in September. It was valued at $3.75 billion after that funding round, according to data provider PitchBook.

Details of the offering including the size and timing may change, the people said, asking not to be identified as the information isn’t public. 

A representative for EquipmentShare declined to comment.

Founded in 2015, EquipmentShare rents and sells equipment and technology to the construction industry, according to its website. Its T3 cloud-based platform allows customers to monitor the location and operational status of their equipment in real time. The company has more than 4,800 employees, the website showed.

EquipmentShare earlier this month closed $600 million of 8.625% senior secured second-lien notes due 2032, after increasing the size of the offering. The company intends to use the net proceeds to repay and refinance existing debt, according to a statement.

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