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First post-Brexit IPO a success

By Ashley Norris

Smart meter company Calisen float described as 'promising'

The first post-Brexit IPO on the London Stock Exchange has been hailed as a success with shares in Manchester-based smart meter company Calisen rising by 4 per cent on opening day.

Calisen, which is backed by US private equity company KKR, issued shares at 240p amounting to around 25 per cent of the company. It ultimately raised around £330m achieving a £1.32bn ($1.71bn) valuation.

The company owns around 4.7 million smart meters and 3.5 million standard energy meters recouping the upfront costs of the meters via rental agreements with suppliers. It is confident of growth in the sector with the UK government pushing energy suppliers to install smart meters in homes in England, Wales and Scotland.

The IPO is the first of the new decade. Brexit-related uncertainty has significantly impacted the number of IPOs run though the London Stock Exchange, and according to official data only 36 companies listed on the exchange in 2019, 60 per cent fewer than the previous year. The last company to IPO was Trainline in June 2019.

Whether the success of the IPO, and the arguably more stable post-Brexit financial climate, encourages other companies to follow Calisen remains to be seen.

“This IPO was a test case for sentiment toward the UK post-election and ahead of the Brexit deal negotiations,” a source close to the transaction told Reuters.

“I would say that the result is an encouraging one and you could see a few more London listings in the coming weeks.”

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