Daily Banking News

EDF Energy EV Ltd subsidiary Pod Point to raise £120mln in London IPO

Pod Point PLC, Britain’s largest provider of home charging points for electric vehicles (EVs), has confirmed that it will go head with an initial public offering to float on the London Stock Exchange.

The company said the IPO will comprise an issue of new shares expected to raise around £120mln and an offer of existing shares to be sold by Legal & General Capital Investments Ltd (LGCIL) and existing employees.

The final offer price will be set via a book-building process and share trading is expected to start in early November.

The company, which is majority-owned by French utility company EDF, will have a premium listing in London with a free float of at least 25%.

It is expected that EDF and LGCIL will sell shares representing 10% of the offer as part of an over-allotment option.

EDF is set to retain over 50% of Pod Point after it lists and to continue to support its future growth through co-operation in relation to EDF’s UK customer base and through access to EDF’s capabilities across the energy value chain.

Erik Fairbairn, CEO of Pod Point, said: ” Now is the right time for us to list – as a market leader, we are well placed to capture the significant market opportunity ahead.

“I believe our smart network of charge points will be key in enabling the mass adoption of electric vehicles, helping our customers to reduce their carbon footprint and supporting the UK to meet its net zero carbon emissions target.”

Pod Point was founded by Fairbairn in 2009 and competes in the UK with Chargemaster, the BP PLC subsidiary.

Pod Point said it has engaged Barclays and BofA Securities as joint global co-ordinators and joint bookrunners, and Numis as joint bookrunner.

Read More: EDF Energy EV Ltd subsidiary Pod Point to raise £120mln in London IPO

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