Electric vehicle charging company Pod Point said on Monday that it plans to raise £120m with an initial public offering on the London Stock Exchange.
The IPO will consist of new shares as well as existing shares to be sold by Legal & General and some existing employees.
Pod Point said current majority shareholder EDF will retain a stake of more than 50% following admission and will continue to support 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”. Legal & General is expected to remain a minority shareholder.
Chief executive officer Erik Fairbairn said: “I am extremely pleased to confirm Pod Point’s intention to float and I am delighted that we have reached this stage in the Company’s growth. 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. We look forward to welcoming our new investors and continuing to deliver value to all our stakeholders.”
