Wheb-backed PassivSystems announces IPO

Kenny Wastell
01 April 2014

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PassivSystems, a home energy management company backed by Wheb Partners, has announced its decision to float on London Stock Exchange’s AIM market.

The company, which has deployed a strategy of new product and service development since the GP's investment, hopes to reach a market cap of £40-45m.

Wheb invested an undisclosed amount in PassivSystem's first round of institutional funding alongside founder and CEO Colin Calder in January 2010. The company has not yet revealed whether existing stakeholders will realise any of their investment through the process.

Based in Newbury, England, PassivSystems was founded in 2008 and employs 70 people. The company had a 2013 turnover figure of £3.5m, reporting losses after tax of £4.3m, which it attributed to an increased investment in development and staff.

The IPO is the latest in a string of UK flotations in 2014. According to unquote" data there have been 11 such exits in Q1 of 2014 in comparison to 10 for the whole of 2013.

As part of the IPO process, PassivSystems has also employed Sir Roy Gardner as non-executive chairman. The announcement comes in the same month that Wheb reaped 2x from the sale of its stake in Petainer Group, a manufacturer of sustainable packaging and containers.