KKR & Co. Inc.-backed smart meter manufacturer Calisen Group Holdings Ltd., is planning an initial public offering on the London Stock Exchange by early February, Reuters reported Jan. 9, citing a source familiar with the transaction.

The U.K.-based company hopes to raise about £300 million and is targeting a valuation of between £1.3 billion and £1.5 billion.

Proceeds from the offering will be used for company growth, debt payment and to write up new contracts for installing smart meters in Britain, whose government aims to have all houses equipped with smart meters by 2024.

A second source added that a potential IPO would also gauge investor interest in public offerings, and there is "a clear window for the next few months" until more details emerge around Brexit.