Shares in tool hire firm HSS Hire Group fell on their stock market debut after being priced at the bottom end of their previously set price range.

The company’s parent, private equity firm Exponent, maintains a 50.4 per cent stake.

"It's a sound business, but ... there's a much larger overhang than people may have liked from Exponent," said Mark Howson, analyst at Canaccord Genuity.

The stock traded around 200 pence by 0922 GMT on the London Stock Exchange, having been priced at 210p against a range of 210p to 262p.

The flotation price had valued the company at £325 million. HSS is Britain’s second-biggest tool hire firm behind Speedy Hire and its listing was the London main market’s first in 2015. HSS said 19 per cent of the shares on offer had been allocated to retail investors.

London was the fourth most active market in the world for IPOs in 2014, with $18.8 billion raised in 43 listings in the year to December 15th – Reuters