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Highlights
- UK based electric car infrastructure network Pod Point may confirm its IPO plans by next week.
- The company is expected to be listed by early next month on the London Stock Exchange.
- Pod Point is one of the leading EV infrastructure network companies in the UK.
UK based electric vehicle charging infrastructure network company Pod Point may confirm its initial public offering (IPO) plans on 11 October, according to a Sky News report.
The company, which is among the UK’s fastest growing EV charging point network companies, is expected to publicly list and begin trading on the London Stock Exchange (LSE) by next month in early November, as per the report.
Pod Point’s IPO highlights
The EV charging network company has, however not yet disclosed any details related to its possible IPO. However, the company is unlikely to be a unicorn as its valuation may remain lower than US$ 1 billion mark stipulated to be a Unicorn.
US investment banks Bank of America, British banking major Barclays and UK based investment bank and stockbroking company Numis are the financial advisors for the IPO transaction.
The company reportedly appointed ex luxury car company Aston Martin’s CEO, Andy Palmer, as its senior independent director last week, ahead of its IPO.
Pod Point had also hired former tobacco company Imperial’s CEO, Gareth Davis as a non-executive chairman earlier this year, as per the report.
Pod Point’s financial performance
Pod point was founded by Erik Fairbairn in 2009. The company is now owned by integrated energy company EDF Energy after EDF acquired Pod Point in a transaction valued at approximately £110 million last year in 2020.
Financial services company Legal & General (LON:LGEN) also partly owns Pod Point, holding a stake of about 23 per cent of the EDF acquired business.
Pod Point had reported an operating loss before tax of around £6.8 million in FY 2019, which is its most recent publicly available financial data. The company had attributed the loss to its expansion strategy and investing across sales, technology and other areas.
The company had reported an FY 2019 turnover of about £13.5 million, according to UK’s company registrar and executive agency, Companies House.
Pod Point has about 3,700 public EV charging bays and has also sold around 100,000 charging points for residential use across the UK and Norway. The company also stated that it had powered about 459 million miles of EV driving.
Bottom Line
Pod Point aims to capitalise on the UK’s rising demand for EVs with this IPO.
The UK witnessed a record year for EV adoption last year, with non-fossil fuel powered vehicles accounting for 10.7 per cent of the market, according to the UK’s auto industry trade body, The Society of Motor Manufacturers and Traders.
The UK has mandated that all fossil fuel powered vehicles will be banned from 2030, and all hybrid vehicles will be phased out by 2035.
According to market research electronics company IDTechEx, global electric vehicles sales is set to cross 5 million units by 2021, implying a compound annual growth rate (CAGR) of 86 per cent since from 2011 to 2021.
