Distributions and reported holdings
The filing also reports a July 22, 2026, distribution of 59,923 shares to Madoda Engala. It describes the July transfer as a pro rata distribution to LLC members and the October transfer as a pro rata distribution to limited partners from shares held by Romulus Capital II LP. Neither required additional consideration. Together, the transactions account for 73,313 shares classified as "Other," with a reported price and value of $0.00 for each transaction.
Madoda Engala's indirect holding is listed as 73,853 Class A shares after the transactions. Separately, the filing reports four Romulus entities' indirect holdings as of July 22, 2026: 40,476,688 shares for Romulus Capital III L.P.; 2,802,872 for Romulus EquipmentShare Growth II L.P.; 6,365,296 for Romulus EquipmentShare Growth L.P.; and 182,000 for Romulus EquipmentShare Growth III L.P.
Neil Chheda manages Madoda Engala and disclaims beneficial ownership except to the extent of any pecuniary interest he may have. The filing identifies seven reporting persons as 10% owners: Chheda, Madoda Engala, the four Romulus entities with separately listed holdings, and Romulus Capital Partners II LLC.
Chheda's ties to Romulus and legal disputes
Chheda co-founded Romulus Capital and its general partner, Madoda Engala, according to a 2026 Massachusetts Superior Court decision. The decision also identifies Romulus as an early EquipmentShare investor.
That decision concerns Republic Maximal LLC & others v. Romulus Capital Partners II, LLC & others. Investors in Romulus EquipmentShare Growth II L.P. and RC EquipmentShare Growth VI L.P. alleged that Romulus arranged sham independent contractor agreements with WELD Advisory Holdings, LLC, with each fund paying WELD $400,000 annually. Chheda and Madoda Engala are among the named defendants. In September 2026, the court granted WELD's motion for summary judgment.
A separate dispute involved Chheda and EquipmentShare. Bloomberg Law reported that, as of October 25, 2025, Chheda was suing the company, alleging that executives had defamed him and removed him from its board after he questioned "self-interested" deals. The report described him as an early investor and co-founder of Romulus Capital Partners.
EquipmentShare's public listing and operations
EquipmentShare completed its IPO on January 26, 2026, selling 30.5 million Class A shares for $24.50 each. According to its Form 10-Q, the offering generated $747 million in gross proceeds and $706 million in net proceeds. Its Class A stock trades as EQPT on the Nasdaq Global Select Market.
Following the IPO, the founders' Class B shares accounted for more than 80% of the voting power of all outstanding common stock. The founders agreed to vote together, giving EquipmentShare "controlled company" status under Nasdaq's corporate governance standards, the 10-Q says.
Headquartered in Columbia, Missouri, EquipmentShare was organized in 2014 and began operating on January 1, 2015. Its June 30, 2026, network spanned 45 U.S. states and included 391 full-service branches, nine dealership sites, and 30 building materials and hardware retail stores, according to the quarterly filing.
