Float to fuel new Energy Assets era

GAS meter specialist Energy Assets has launched a £15m fundraising in a rare boost to the flagging IPO market.

The company, which provides high-tech software to enable industrial and commercial companies to monitor their energy usage more accurately, is in line to be given a main listing on the FTSE on Thursday.

Collins Stewart and Macquarie Capital are acting as joint bookrunners for the float.

The prospectus was issued yesterday and the fundraising, pegged at £2.10 per share, is fully subscribed,

Energy Assets chief executive Phil Bellamy-Lee said: “Our business has grown quickly and we are finding strong demand.

“Companies are watching their energy consumption closely and we offer them a detailed run down of their consumption. In these difficult times the more they can save, the better.

“With the oil and gas market as it is it wouldn’t be surprising to see other companies go for an IPO.”

The company’s clients include a whisky distillery in Scotland and its services involve linking up clients with energy providers and advising on installation.

The European market for flotations slumped further in the final three months of last year, driven by turmoil in the single currency area, according to PwC data.

London remained the best performer thanks to the Polymetal listing led the way, raising £491m (€421m).

However, investment banking fees fell six per cent in 2011 to levels seen in 2009 as a fall-off in equity market activity and stalled M&A markets hurt their businesses over the year, figures from Dealogic showed

Bellamy-Lee added: “We have seen a very positive response [to the IPO].

“In the short term we are looking for organic growth but may look at acquisitions later.

“With the IPO we can grow the business.”

The company has 60,000 meters and 20,000 data loggers in businesses across the globe.

The group had revenue of £9.6m for the year to 31 March 2011. The group’s profit was £2.3m.