Manchester-based smart meter company Calisen plc on Friday successfully priced its initial public offering at 240p per share, giving the firm a market capitalisation of £1.32 billion on the main market of the London Stock Exchange.

Calisen has two businesses. Its Calvin Capital business owns and manages domestic electricity and gas meters — and its Lowri Beck unit carries out installation, meter reading and maintenance services for energy retailers.

Calisen CEO Bert Pijls said: “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.

“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. 

“We are proud to be a major employer in Northern England and will continue to play an important role in supporting Britain’s digital energy transformation.”

The IPO comprises 125 million new shares issued to raise £300 million and 12 million shares being sold by majority shareholder KKR Evergreen Aggregator L.P. and other manager shareholders equating to a total offer size of £328.79 million and representing 25% of Calisen’s issued share capital on admission.

An additional 20.55 million shares are being made available by the selling shareholders.

Immediately following admission, the company’s issued share capital will be 547.98 million shares.