Elster Group SE, one of the world’s largest metering companies for electricity, gas and water has filed for an initial public offering (IPO) on the New York Stock Exchange to raise about $152 million.
The company, which is a significant player in the emerging Smart Grid market, announced a price range for the offering of $16 to $18 per American Depositary Share (ADS).
16.2 million ADSs will be offered for sale. Of the 16.2 million ADSs,
10.3 million (approximately 64% of the offering) will represent new shares issued by
Elster Group SE and the remainder will be offered by direct or indirect
shareholders of Elster.
An overallotment option of up to 2.43 million
additional ADSs (15% of the ADSs being offered) will also be
available from Rembrandt Holdings, Elster’s largest shareholder, which
is owned by funds advised by CVC Capital Partners.
Elster expects to
receive net proceeds of approximately $152 million from the offering,
which it intends to use to repay a portion of its outstanding debt.
Deutsche Bank Securities, Goldman, Sachs & Co and J.P. Morgan will act as joint book-running managers for the offering. Co-lead managers of the transaction are Baird, Cannacord Genuity, Piper Jaffray, RBC Capital Markets and Stephens Inc.
Assuming completion of the offering and a full exercise of the over-allotment option, Elster’s free float will be approximately 18.6%.
The ticker symbol for Elster on the NYSE will be "ELT".
Elster’s products and services include distribution monitoring and control, advanced smart metering, demand response, networking and software solutions.
Elster has one of the most extensive installed revenue measurement bases in the world, with more than 200 million metering devices deployed over the course of the last 10 years. It sells its products and services in more than 130 countries across electricity, gas, water and multi-utility applications for residential, commercial and industrial, and transmission and distribution applications.
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