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Pod Point Group Holdings PLC to raise £100mln as it confirms IPO pricing at bottom of its range

The IPO comes amid growing demand for EVs – reflected recently, as Tesla’s models overtook fuel-powered models for new sales in Europe – and as the COP26 climate summit calls for a move away from diesel and petrol vehicles

Pod Point Group Holdings PLC (LSE:PODP) today confirmed its initial public offering price at 225p per share, which sets a valuation of £352mln.

Conditional trading on the London Stock Exchange began this morning, and, saw the electric vehicle charger’s shares lower at around 216p by midday.

The company, which installs EV chargers to homes and businesses in the UK and Norway, originally set out to raise £120mln (with a prior range pitched at 225p to 275p).

“I am thankful to the new investors who have decided to support Pod Point and our vision,” said chief executive Erik Fairbairn.

“With their backing and the continued support of our existing shareholders, I know we can achieve our goal of a Pod Point everywhere you park.”

The IPO comes amid growing demand for EVs – reflected recently, as Tesla’s models overtook fuel-powered models for new sales in Europe – and as the COP26 climate summit calls for a move away from diesel and petrol vehicles.

“I have no doubt that Pod Point will play a major part in the UK’s transition to electric vehicles,” Fairbairn added.

“I founded Pod Point in 2009 with a mission to make travel which does not damage the earth, [and] today, we are taking another great step towards making this dream a reality.”

Read More: Pod Point Group Holdings PLC to raise £100mln as it confirms IPO pricing at bottom of its range

2021-11-04 07:52:00

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