Manchester-based smart meter company Calisen has confirmed today (16 January) it is seeking to raise £300 million by floating on the London Stock Exchange.
Calisen is hoping to raise £300 million by selling a quarter of its shares, and will also offer another 15 per cent at the same value to existing shareholders. This values the company at c.£1.4 billion.
Proceeds from the float will go towards future growth, including funding contracts relating to the smart meter rollout.
The company, which is backed by global investment firm KKR, expects to begin trading on the LSE next month. Announcing its intention to float, it also unveiled new chairman, Phil Nolan, the former chief executive of Eircom.
Nolan said: “It is a privilege to be joining Calisen as the business prepares for the next stage of its growth with a potential premium listing on the London Stock Exchange.
“We expect new shareholders in the company to benefit from Calisen’s strong position in Britain’s smart metering segment and compelling financial track record with dynamic growth, and the skill and deep sector expertise of an experienced management team.
“Calisen is at the heart of Britain’s smart meter rollout which will play a critical role in supporting the decarbonisation agenda and will deliver significant benefits to British consumers and energy retailers.”
Through Calvin Capital, Calisen owns and manages a portfolio of domestic electric and gas meters, including smart meters. Furthermore in August 2019 it acquired Lowri Beck, giving it capability to carry out meter installation and maintenance services on behalf of its energy retail customers.
Tara Davies, head of European infrastructure at KKR, added: “We are delighted to be bringing Calisen to market to enhance its growth prospects.
“We have been impressed by the progress the group has achieved in the past few years and we look forward to sharing in the company’s continued success as its largest shareholder following the listing.”