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Calisen IPO: share price stays steady after hitting £1.3 billion valuation

The smart meter company has seen its share price edge higher this week after successfully listing on the London Stock Exchange and securing a £1.3 billion valuation – the largest of 2020 so far.

Calisen has seen its share price remain steady after successfully listing on the London Stock Exchange (LSE) last week and securing a £1.3 billion valuation – the largest floatation in Europe so far this year.

The smart meter company, which was backed by US-based private equity firm KKR, managed to raise £328.8 million from its initial public offering (IPO) on the main market of the LSE, listing at 240p a share.

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‘Today marks the start of an exciting period for Calisen, with new capital to support our next phase of growth as a listed company on the London Stock Exchange,’ Calisen chief executive officer (CEO) Bert Pijls said on Monday.

‘This is a significant achievement for all of us and I am extremely proud of all our employees, whose hard work in getting our business to where it is today has made this process possible,’ he added.

Calisen is trading at 241p a share as of 15:00 (GMT) on Tuesday.

Strong start for London IPOs in 2020

Calisen’s IPO represents the largest public listing on the LSE since the £1.1 billion float of Trainline, the digital rail and coach ticketing platform, which went public in June 2019.

According to LSE data, only 34 companies listed on the exchange in 2019, with new equity down more than 38% from over £6 billion in 2018 to £3.7 billion last year.

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Not only did Calisen become the largest listing in seven months, it also received the LSE's Green Economy Mark.

‘In addition to pure-play’ green technology companies, the Green Economy Mark captures all equities on our London markets that derive at least 50% of revenues from products and services that contribute to the global green economy,’ Charlie Walker, head of equity primary markets at London Stock Exchange, said.

‘This underlines London Stock Exchange's commitment to finding innovative solutions to support issuers in the transition to a sustainable, low-carbon economy, and to support the growing investor demand for actionable climate related information,’ he added.

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