January 28, 2020 / 7:37 AM / 24 days ago

Calisen aims for market cap of up to 1.4 bln stg in London IPO

LONDON, Jan 28 (Reuters) - Calisen Group, which supplies smart meters to British households, is aiming to sell up to 408 million pounds ($536.28 million) of shares in its planned initial public offering, banks working on the deal said on Tuesday.

Owned by private equity firm KKR, Calisen said it intends to float around 25% of the company on the London stock market at a price range of 225 to 265 pence per share, implying a market value of 1.25 billion to 1.42 billion pounds.

Calisen consists of two businesses — Calvin Capital, through which it owns and manages a portfolio of domestic electricity and gas meters, and Lowri Beck, under which it carries out installation, meter reading and maintenance services on behalf of energy retailers. ($1 = 0.7608 pounds) (Reporting by Rachel Armstrong, editing by Louise Heavens)

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