First IPO After Brexit Takes Place After London
The first public offering took place on the London Stock Exchange (LSE) after Britain left the European Union: Calisen Group raised £ 328.8 million from smart electricity supplier Calisen Group.
The placement was held at a price of 2.4 pounds per share with the announced range of placement of 2.25-2.65 pounds. Overall, Calisen was valued at 1.3 billion pounds ($ 1.68 billion).
This IPO has become the largest in Europe this year and the largest in the UK since last June.
The successful placement of Calisen has strengthened investors’ hopes for the restoration of London’s status as one of the leading platforms for initial offerings after last year’s results were the worst since the global financial crisis in 2009, the Financial Times notes.
In 2019, 34 companies conducted IPOs at the LSE (there were twice as many of them a year earlier), which raised 3.7 billion pounds, compared with more than 6 billion pounds a year earlier.
Last year, the British FTSE All-Share index grew by only 14%, while the stock market indicators in the US, Europe and other countries jumped by about a quarter.
American investment firm KKR bought Calisen from Infracapital in 2016 at a price of about 1 billion pounds.
Trading in Calisen shares on the LSE will begin on Wednesday.