Scottish firm to raise £15m with flotation

By PETER RANSCOMBE
Published on 19/03/2012 12:10

Scotland is to gain its first listed company for nearly nine months after Livingston-based gas meter manager Energy Assets today unveiled plans to float.

The company, which will be valued at about £57m following the initial public offering (IPO), expects to be admitted to the main market of the London Stock Exchange on Thursday.

About 7.1 million shares will be created for the IPO, with existing shareholder Macquarie Investments – part of the Australian investment bank – will sell a further 7.2 million shares following the flotation.

Macquarie will be left with a 47 per cent stake in the business following the IPO.

Energy Assets supplies and operates gas meters for large commercial and industrial clients and has contracts with power companies including British Gas – which trades as Scottish Gas north of the Border – and Corona Energy.

The West Lothian company turned over £9.6m in the year to 31 March, up from £5.2m in the previous 12 months, and posted a profit of £2.3m, up from £600,000.