Energy efficiency group Entu is going public with a listing on Aim as it mulls a move into smartphone-controlled heating and lighting products.
The IPO is expected to value the Manchester-based company, which sells solar panels, A-rated windows and boilers and wall insulation, at £65.6m.
The equity will be released from selling shareholders and represents half of the company.
Entu said although it is not raising new money, the admission to Aim would offer “access to the equity capital markets to support growth, increase awareness of the group in its chosen markets, facilitate management incentivisation and allow all employees to participate in the ownership of the company through a share option plan.”
Entu is eyeing new markets, with company directors saying there were “significant opportunities” in low carbon products such as solar photovoltaic installations, and “smart energy control” products, such as smart phone-controlled heating and lighting.
Chief executive Ian Blackhurst said:
“I am delighted at the level of institutional support we have received. In a highly fragmented market, we believe Entu is unique.”
“We see exciting opportunities to grow, by developing our product offering and leveraging our unified brand and website.”
In its most recent results, for the six months to April 30, revenues were £57.9m, up from £44m the year before, with earnings of £5.56m, up from £2.75m. Its last full year figures to October 31 2013 show revenues of £95.5m, with an EBITDA of £6.3m.
The company directors intend to pay a dividend equal to a yield of eight per cent for the next financial year.