EDF owned Pod Point set to raise £120m in London IPO next month
Pod Point, an electric vehicle charging company majority owned by EDF Energy, is set to rally £120m in fresh funds from its London float which is due to land on the exchange next month.
The initial public offering (IPO), which the firm announced last week, will see Legal & General Capital Investments sell off a portion of its shares.
The IPO comes at a time when green investment is increasingly catching the eyes of investors and the UK government has been encouraging the transition towards electric vehicles (EVs) in a bid to reach its net zero target.
“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 CEO Erik Fairbairn said.
“We look forward to welcoming our new investors and continuing to deliver value to all our stakeholders.”
The final offer price is yet to be determined, but admission is currently expected to happen in early November.
Pod Point will have a free float of at least 25 per cent of issued share capital, but it will likely qualify for the London Stock Exchange’s Green Economy Mark on admission.
Energy giant EDF, which owns 77.7 per cent the company, is expected to retain a stake of over 50 per cent once it lands on the London market.
“Now is the right time for us to list – as a market leader, we are well placed to capture the significant market opportunity ahead,” Fairbairn added.