(Alliance News) - Calisen Group Holdings Ltd on Thursday announced its intention to float on the London Stock Exchange and raise approximately GBP300 million.
Calisen, which owns and manages energy infrastructure assets, said the plan is for it to be admitted to trading on London's Main Market and to the premium listing segment of the Official list of the Financial Conduct Authority.
The firm's offer would comprise new shares issued by the company, expected to raise gross proceeds of around GBP300 million, plus an offer by existing shareholders. Barclays Bank and Goldman Sachs International are to act as joint bookrunners should the initial public offering proceed.
Proceeds from initial public offering would 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 roll-out and help with other general corporate purposes.
In 2018, the firm generated revenue of GBP162.1 million, up 5.7% from 2017. Its 2018 consolidated operating profit was GBP25.4 million and its underlying earnings before interest, tax, depreciation, and amortisation totalled GBP148.9 million.
Manchester-based 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.
The company is currently a "key participant" in the roll-out of approximately 51.2 million smart energy meters across Great Britain.
Chief Executive Bert Pijls said: "Today's announcement is an incredibly exciting moment in the history of Calisen, providing us with the platform for our next phase of growth in an expanding segment, and positioning us as a leading provider of essential energy infrastructure in Britain.
"We will continue to build on our strong relationships with energy retailer customers and our contracted installations of smart meters to support expected growth within a supportive policy environment."
By Anna Farley; annafarley@alliancenews.com
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