US-based energy efficiency technology provider Redaptive has filed for an initial public offering which would represent an exit for real estate services firm CBRE and energy utilities Engie, Great Plains Energy and Evergy.
The IPO is set to take place on the New York Stock Exchange and the company has set a $100m placeholder target. BofA Securities, JP Morgan, Guggenheim Securities, Canaccord Genuity, Credit Suisse and Roth Capital are the underwriters for the offering.
Founded in 2015, Redaptive provides energy technology for commercial and industrial customers looking to maximise the energy efficiency of on-site industrial assets. It made a $28.6m net loss in the first nine months of 2021, from $51.7m in revenue.
The company had raised $157m in an October 2020 round led by investment management firm CarVal that also featured CBRE, Engie subsidiary Engie New Ventures and Evergy unit Evergy Ventures as well as Linse Capital.
CBRE had previously led a $20m round for Redaptive in 2018 that included Engie New Ventures, Great Plains Energy’s GXP Investments unit and Linse Capital, which is the company’s largest shareholder, with a 19.6% stake, followed by CBRE with 6.5%.
