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Elster Group SE (ELT) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Elster Group (NYSE:ELT) sells meters which are used by gas, water, and electricity providers. According to L.E.K Consulting, Elster is the largest provider of meters in terms of revenue. In addition to selling the physical meters, the company also sells communications, networks, and software tools which allow the utility companies to reliably and efficiently bill their customers.[1]
While Elster believes that manually read meters will remain an important part of its business, it expects that Smart Grid systems will become an area of increased growth. A Smart Grid product allows utility companies and the individual consumer to effectively monitor and control the distribution of the utility. The rise in interest in providing energy efficient systems as well as energy regulations have driven demand in this area. According to Scott Reports, smart metering systems consist of 13% of all meters installed in the US, and that rate will increase by approximately 50% within the next few years.[2]
The company's initial public offering of stock on the NYSE and occurred on September 29, 2010. Its initial price range was $16-$18, and the stock priced substantially below the range at $13. The company sold 16.2M shares and raised $211M. The lead underwriters of the deal were Deutsche Bank AG (DB), Goldman Sachs Group (GS), and J P Morgan Chase (JPM).[3]
The company experience a drop in revenue from 2008 in 2009 - from $1.9B in 2008 down to $1.7 in 2009. However, net income rose form -$87M in in 2008 to $48.9M in 2009.[4]
References
- ↑ ELT F-1 2010 "Prospectus Summary" pg 1
- ↑ ELT F-1 2010 "Prospectus Summary" pg 1
- ↑ Renaissance Capital - IPO "Metering company Elster Group prices IPO at $13, well below its planned $16-$18 range" 29 Sept 2010
- ↑ ELT F-1 2010 "Summary Financial and Other Data" pg 9
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