Thursday 23 July 2020 10:44 am

Kibo Energy subsidiary seeks London IPO by end of the year

Sloane Developments, the UK-based subsidiary of Irish firm Kibo Energy, is seeking a London IPO by the end of the financial year.

The company, which will change its name to Mast Energy Developments (MED), is aiming for admission to the London Stock Exchange’s standard list.

Read more: Exclusive: Elixirr seeks London IPO to end coronavirus drought

MED’s IPO is just the second floatation to be announced in recent months, after the coronavirus pandemic caused a lull in public listings.

Last month City A.M. revealed that consultancy irm Elixirr would seek an IPO, breaking a two-month drought in London IPOs.

Elixirr, whose clients have included RBS, O2 and Barclays, will seek admission to the junior AIM market in the summer.

MED is seeking to float in order to raise sufficient funds to develop a portfolio of flexible power plants in the UK to become a multi-asset operator in the rapidly growing reserve power market.

Before the Open newsletter: Start your day with the City View podcast and key market data

The first development project in MED’s new portfolio will be a 5 megawatt gas power plant at Bordesley in the midlands. 

Reserve power is the process of timing energy supply to be used during periods of peak demand. 

Kibo said that it had appointed River Group to manage the admission and IPO.

The parent company’s chief executive Louis Coetzee said: “Reserve Power is the fastest growing energy sector in the UK as a result of rising demand and predicted energy deficit.  

Read more: Coronavirus: European IPO market ‘virtually inactive’ since March

“In light of this rapid growth and demand, we believe it is an opportune and highly strategic time to list our UK clean natural gas energy assets as a standalone company on the LSE”.

He added that Kibo would retain at least a controlling 51 per cent stake in the new entity. 

Share:
Tags: