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IPO Watch: EDF's charging firm Pod Point plans London Stock Exchange listing

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STOKE-ON-TRENT, ENGLAND - NOVEMBER 15: A electric vehicle charging pod point sign is seen on November 15, 2020 in Stoke-On-Trent, England. In a 10-point environmental plan to be announced this week, the British government is expected to ban the sale of petrol and diesel cars by 2030, five years earlier than previously committed. (Photo by Nathan Stirk/Getty Images)
Pod Point is currently Britain’s largest provider of home charging points for electric vehicles, and the second largest of workplace charging. Photo: Nathan Stirk/Getty Images

Pod Point, which provides charging stations for electric vehicles (EVs) in the UK, has announced plans to list on the London Stock Exchange.

The charging firm, which is majority owned by French energy utility EDF (EDF.PA), said on Monday that it is looking at a premium listing with a free float of at least 25%, as it aims to capitalise on the shift away from petrol and diesel cars.

The offer will compromise the sale of new shares and 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.

Pod Point did not provide any further details on how much it is seeking to raise, nor did it indicate when the potential initial public offering (IPO) is expected.

Read more: UK expected to ban new petrol and diesel cars from 2030

Established in 2009, it is currently Britain’s largest provider of home charging points for 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.

"Today marks an exciting milestone for the business. I am looking forward to helping steer Pod Point's superb team to take advantage of the significant growth opportunity ahead of us," Pod Point chair Gareth Davis said.

"I have no doubt that the company will continue to thrive as one of the United Kingdom's leading EV charging companies, delivering further value to all its stakeholders and ensuring that travel does not damage the earth.”

Read more: The electric vehicle Gold Rush: A look at EV startups going public

The IPO will be led by Barclays (BARC.L) and Bank of America Corp (BAC) acting as joint co-ordinators and bookrunners, with Numis Corp (NUM.L) acting as joint bookrunner in the event the offer proceeds.

In the group’s most recent set of accounts for the year to 31 December, it posted revenue of £33.1m ($45.2m) with an adjusted underlying loss of £12.3m.

It managed to narrow its operating loss to £6m in the six months ending 30 June after sales more than doubled in the half-year period.

The announcement comes ahead of the UK’s ban on new combustion cars by 2030 as it aims to reduce emissions of greenhouse gases to net zero by 2050.

Watch: What are SPACs?