Public company ranks on the rise. (Arizona-based public companies)

As the latest edition of Corporate Arizona goes to press, it looks as if the ranks of Arizona-based public companies will grow again.

At press time, two initial public offerings were awaiting the green light from the Securities and Exchange Commission: Rural/Metro Corp., looking to raise about $22 million, and PetSmart Inc., with plans to raise about $125 million.

The third Arizona-based company that may soon enter the public arena is Motor Coach Industries International Inc., another proposed spinoff from the Phoenix-based Dial Corp.

There also were several additions in 1992, including GFC Financial Corp., previously part of Dial's operations -- which are being streamlined to focus on the company's growing consumer products business.

Other newcomers in 1992 were Megafoods Stores Inc., which now has stores in Arizona, California and Nevada; First Western Corp., holding company for Wesav Mortgage Co.; Microtest Inc., a manufacturer of local-area network …