13.10.2021EV charging network Pod Point to go public
Electric vehicle (EV) charging network Pod Point has announced plans to list on the London Stock Exchange. The company is majority-owned by energy company EDF, and said that it plans a premium listing, with a free float of at least 25%.
The company said the offer would compromise the sale of new shares and some by existing shareholders, including Legal & General Capital Investments. EDF will maintain a stake of more than 50% following the listing.
According to Pod Point, it is Britain’s largest provider of home charging points for EVs, and the second largest of workplace charging. The company booked revenue of £33.1 million in 2020, according to a report by Reuters, with an adjusted underlying loss of £12.3 million.
The Pod Point public charging network, which aims to offer a charge point everywhere drivers park, focuses on fast charging options, with some slow chargers available, and an increasing number of rapid charge points.
EDF acquired a majority stake in Pod Point last year, in a deal that saw the energy group take control of one of the largest networks in the UK.
As part of a joint venture with Legal & General, the company invested in Pod Point, which at the time had installed over 62,000 home, workplace and public charge points across the UK as well as an additional 6,600 in Norway, according to the company’s figures.