Beyond meter

9 January 2020 By George Hay Follow @gfhay

KKR is looking to list one-quarter of its UK smart-meter group, Calisen. Last year the volume of London listings dipped as new offers were pulled and existing ones lurched. The strategic tailwinds behind Calisen’s sector should stop it being added to the pile of duds.

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Calisen plans to list its shares in London, the smart-meter supplier said on Jan. 9.

Owned by private equity firm KKR, the company is targeting a valuation of between 1.3 billion pounds and 1.5 billion pounds ($1.69 billion to $1.95 billion) in a potential listing on the London Stock Exchange, Reuters reported citing a source familiar with the transaction.

Calisen expects to raise about 300 million pounds from the sale of new shares, the company said in a statement, but the offering will also include the sale of existing shares. The aim is to list in early February.

London initial public offerings in 2019 fell to their lowest level in a decade, Refinitiv data shows.

Calisen said net proceeds from the IPO would be used to support growth, repay debt and fund existing and new contracts for smart meters as Britain’s energy utilities fit them into more homes.

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