16th Jan 2020 08:46
(Alliance News) - Energy services firm Calisen Group Holdings Ltd confirmed on Thursday plans for a GBP300 million listing on the London Stock Exchange.
Calisen, which is involved in the rollout of smart energy meters across the UK, will be joining the London Main Market, which means it will be eligible to join the FTSE 250 index. Calisen hopes to begin trading in London during February.
The Manchester-based firm first announced a potential listing in London a week ago, saying at the time it would be raising GBP300 million, which was confirmed on Thursday. The pricing of the initial public offering will be announced once the bookbuild closes.
As well as placing new shares, Calisen majority shareholder KKR Evergreen Aggregator LP, a private equity firm, will be selling shares.
"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," said Chair Phil Nolan.
"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."
Tara Davies, the 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."
Proceeds from the IPO will be put towards future growth, as well as repayment of equity bridge loans, letters of credit, and other debt. The money would also help Calisen fund existing and new contracts relating to the UK's smart meter rollout and help with other general corporate purposes.
Calisen has two business units. One of these is Calvin Capital - which procures, owns, and manages domestic gas and electricity meters - and the other is Lowri Beck. Calisen bought installation, meter reading and maintenance services firm Lowri Beck in August last year.
By George Collard; [email protected]
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