Feb 7, 2020

Smart meter group Calisen lists in London with £1.3bn valuation

Britain has passed its first big test of post-Brexit investor sentiment, with Calisen Group successfully listing on the main London market at an £1.32bn value in the biggest European flotation of 2020 so far. The smart meter company, backed by US buyout group Kohlberg Kravis Roberts, raised £328.79m by listing on the London Stock Exchange with a share issue at 240p apiece - just below the midpoint of its initial range of 225p to 265p. It was the largest UK domestic float since Trainline's £1.1bn share sale last June. Just 34 companies joined the London Stock Exchange last year, less than half 2018's total, with new equity raised shrinking from over £6bn to just £3.7bn, LSE data show. Just five private equity-backed companies used London as their float venue last year, Bloomberg data show. Calisen was acquired by KKR from Infracapital in 2016 at a reported price tag of about £1bn. The company, which is better known for one of its business units, Calvin Capital, leases smart meters to utility companies that then fit the devices in homes.

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