The company, which is majority-owned by French utility company EDF, will have a premium listing in London with a free float of at least 25%, which means it would be eligible for inclusion in FTSE indices; “free float” refers to the percentage of shares that are not held by committed long-term owners.
The initial public offering will see some existing shareholders sell down their holdings while the company will also raise fresh capital. EDF is expected to retain a majority stake in the company after it lists and to continue to support Pod Point’s 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.
Pod Point made an operating loss of £12.3mln in 2020 on revenue of £33.1mln in 2020. Revenue in the first half of this year was £26.5mln. The company made an operating loss of £6.0mln but an adjusted underlying profit (EBITDA) of £487,000.
READ Electric car charging network Pod Point recruits former Imperial Brands boss ahead of possible IPO
Rumours of the flotation plan emerged last week with sources in the Square Mile saying the company had recruited Andy Palmer, the former chief executive officer (CEO) of Aston Martin and current CEO of electric bus maker Switch Mobility, as its senior independent director ahead of the flotation.
“An IPO would be a massive milestone in Pod Point’s journey, enabling us to continue investing in our network, charge points, technology, and people, while helping us progress towards our goal of a Pod Point everywhere you park,” Fairbairn said in a stock market announcement.
According to Pod Point, it has a market share of roughly 50 – 60% in the UK home charging market while its share of the workplace sector is between 10 – 20%.
As at 30 June 2021, Pod Point had installed more than 89,000 home charge points and over 13,000 commercial units, including those located at workplaces and destination locations (such as shops and leisure attractions).
Pod Point intends to expand investment in the charging assets it owns, which its management believes will enable the company to accelerate the roll-out of charge points in strategic charging locations (including destination and en-route facilities, in addition to multi-tenancy residential dwellings).
“Pod Point has a key part to play in enabling the clean energy transition and has made impressive progress to date. The company’s rapid growth and strong financial position are testament to its high-quality product, long term strategic commercial partnerships, effective approach and the expertise and calibre of the management team,” said Gareth Davis, who is set to be the chair of the company when it floats.
“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,” he added.
Read More: Pod Point confirms plans to list in London