EDF confirms £120m Pod Point London IPO

·1-min read
EDF confirms £120m Pod Point London IPO
Established in 2009, Pod Point is currently Britain’s largest provider of home charging points for electric vehicles. Photo: John Walton/PA Images via Getty

Electric vehicle charging firm Pod Point has confirmed it intends to list in London, as it prepares for UK expansion ahead of the planned 2030 ban on new petrol and diesel cars. 

The charging firm, which is majority owned by French energy utility EDF (EDF.PA), said last week that it is looking at a premium listing with a free float of at least 25%. The float is set to raise around £120m ($165m) according to details that have emerged on Monday. 

The offer will compromise the sale of new shares as well as some by existing shareholders, including Legal and General Capital Investments (LGEN.L), it said.

EDF, which owns a 78% stake, will maintain a holding of more than 50% after the float, while Legal & General will keep a minority shareholding.

Read more: Ford to invest £230m in electric car parts plant at UK factory

Barclays Bank (BARC.L) and Bank of America (BAC) have been appointed as joint global co-ordinators, and as joint bookrunners together with Numis Securities (NUM.L).

Established in 2009, Pod Point is currently Britain’s largest provider of home charging points for electric vehicles (EVs), and the second largest of workplace charging. It had predicted that about 25 million stations will be needed across the country by 2040.

So far, the business has installed 89,000 home charge points and more than 13,000 commercial units at workplaces, shops and leisure attractions.

Watch: Pod Point sparks London float with recruitment of former Aston Martin chief Palmer

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