11th Oct 2021 10:17
(Alliance News) - Electric vehicle charging firm Pod Point on Monday revealed it is mulling a potential float on the main market of the London Stock Exchange as the EDF-backed business looks to capitalise on booming demand for electric cars.
Pod Point is planning a free float of at least 25% of shares with the expectation being that it would be eligible for inclusion in the FTSE UK indices.
No financial details or fundraising targets were provided for the float, nor any details of when the potential initial public offering is expected.
Owned by EDF and Legal & General Group PLC, Pod Point claims to be "one of the original" electric vehicle charging providers in the UK.
The float would comprise a primary offer of new shares with proceeds to support Pod Point's growth plans, and an offer of existing shares to be sold by Legal & General Capital Investments. Majority shareholder EDF is expected to retain a stake above 50% after the business floats.
Pod Point highlighted swelling demand for electric charging points, with around 25 million expected to be needed in the UK by 2040, as a factor in a possible listing. An outlook underpinned by a "favourable regulatory and political backdrop" was also singled out as a reason for optimism in future growth prospects.
Founded in 2009, the business has grown rapidly in recent years, delivering revenue growth of 123% in the first half of 2021 to GBP26.5 million.
"Today marks an exciting milestone for the business. I am looking forward to helping steer Pod Point's superb team to take advantage of the significant growth opportunity ahead of us," commented Pod Point Chair Gareth Davis.
"I have no doubt that the company will continue to thrive as one of the United Kingdom's leading EV charging companies, delivering further value to all its stakeholders and ensuring that travel does not damage the earth," he added.
Davis is chair at M&C Saatchi, and has previously held the same role at other London listings, such as William Hill, Ferguson PLC and DS Smith PLC. He was CEO at Imperial Brands until 2010.
The IPO will be led by Barclays PLC and Bank of America Corp acting as joint co-ordinators and bookrunners, with Numis Corp PLC acting as joint bookrunner in the event the offer proceeds.
By Will Paige; [email protected]
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