(Alliance News) - Energy smart meter firm Calisen PLC said Friday it has priced its initial public offering at 240 pence per share, giving it a market capitalisation of GBP1.32 billion at the start of trading on the London Main Market.
The IPO comprised the issue of 125 million shares to raise gross proceeds of GBP300 million, while 12 million existing shares were sold by shareholders, including private equity firm KKR Evergreen Aggregator LP.
This brings the total offer size to GBP328.8 million, representing 25% of Calisen's issued share capital on admission.
Calisen will have an issued share capital of 548.0 million shares. Conditional dealings of Calisen's shares have already commenced, while admission and unconditional dealings is expected to start on Wednesday next week.
Shares in Calisen were priced at 249.95 pence on Friday midday, up 4.1% from the IPO price.
Calisen may be eligible for entering the FTSE 250 index.
Proceeds from the IPO will go towards future growth, as well as repayment of equity bridge loans, letters of credit, and other debt. The money also will help Calisen fund existing and new contracts relating to its smart meter rollout in the UK.
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.
"Today marks the start of an exciting period for Calisen, with new capital to support our next phase of growth as a listed company on the London Stock Exchange. This is a significant achievement for all of us and I am extremely proud of all our employees, whose hard work in getting our business to where it is today has made this process possible," said Chief Executive Officer Bert Pijls.
"We are proud to be a major employer in Northern England and will continue to play an important role in supporting Britain's digital energy transformation," Pijls added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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