Pod Point, the UK electric vehicle charging group, has announced plans to list its shares in London, as the market for electric vehicle infrastructure heats up ahead of the UK’s 2030 ban on new combustion vehicles.
Owned by EDF and Legal & General, Pod Point is planning a free float of at least 25 per cent on the main market of the London Stock Exchange, the company said in a statement on Monday. It gave no financial details nor did it say how much it will seek to raise.
The company, which is a market leader in the UK, predicts that about 25m charging points will be needed in the country by 2040 as consumers make the transition from combustion to electric vehicles. The UK is about eight years away from its ban on new petrol and diesel cars and vans.
EDF, which owns a 78 per cent stake, will retain 50 per cent ownership after the flotation while Legal & General, which has 22 per cent, will retain a minority shareholding.
The group narrowed its operating loss to £6m from £8.9m in the six months ending June 30, although its adjusted earnings before interest, taxes, depreciation and amortisation swung to a profit. Its sales have more than doubled to £26.5m in the latest six-month period.