Electric vehicle charging firm Pod Point plans London listing
Firm looks to cash in on petrol, diesel vehicle ban in 2030
UK electric vehicle charging group Pod Point has revealed plans for a London stock market listing as it seeks to capitalise on a petrol and diesel vehicle ban in 2030.
The firm, owned by EDF and Legal & General, is targeting a free float of at least 25 per cent of its shares on the main market of the London Stock Exchange.
Pod Point did not disclose how much it intended to raise but said around 25 million charge points would be needed in the UK by 2040, with data indicating the vast majority are likely to be home chargers.
The company is looking to cash in ahead of the UK’s 2030 ban on petrol and diesel vehicles.
Royal Dutch Shell said in September it aimed to install 50,000 on-street chargers in the UK by the end of 2025 as it looks to take 30% of the public charging market. BP has also said it wants to double the size of its public charging network by the end of 2030.
EDF, which acquired around 78% of Pod Point in February 2020, plans to retain a majority stake of more than 50% after the initial public offering, Pod Point said.
Legal & General, which took a 22 per cent stake as part of the same 2020 deal, intends to retain a minority shareholding.