LONDON, UK: Pod Point, one of the United Kingdom’s leading providers of Electric Vehicle (EV) charging solutions, is considering an initial public offering (IPO) on the main market of the London Stock Exchange.
The offer would comprise a primary offer of new shares to be issued by Pod Point with proceeds supporting Pod Point’s growth plans, and an offer of existing shares to be sold by Legal & General Capital Investments Limited (LGCIL) and certain existing employees.
Immediately following admission, company would have a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
In addition, it is expected that the Shares representing in aggregate up to 10% of the Offer will be made available by EDF Energy Customers Limited, a subsidiary of Électricité de France S.A. (EDF) and LGCIL pursuant to an over-allotment option.
Pod Point expects that the current majority shareholder, EDF, would retain a stake of over 50% following Admission and would 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.
The Company has engaged Barclays and BofA Securities as Joint Global Co-ordinators and Joint Bookrunners, and Numis as Joint Bookrunner in the event the Offer proceeds.
Erik Fairbairn, Chief Executive Officer of Pod Point, said: “I founded Pod Point in 2009 with a mission to make travel not damage the earth. Our focus on this mission has never wavered.
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.
I want to say a heartfelt thank you to the Pod Point Team and all of our Customers who have all been a fundamental part of the journey to this point and I look forward to continuing to lead the business as we deliver on our mission of ensuring that travel doesn’t damage the earth.”
Pod Point Highlights:
· Pod Point is one of the United Kingdom’s leading providers of EV charging solutions and was founded by Erik Fairbairn in 2009 with a simple vision: travel should not damage the earth.
· Pod Point believes charging requires a distributed network of infrastructure that allows vehicles to “top up” where and when they are parked, which the Directors estimate constitutes approximately 95 per cent of an average car’s life, with occasional high powered, faster charging to extend range where needed.
· Pod Point’s approach to the EV charging market in the United Kingdom has, since inception, been informed by the notion that EV charging is an ecosystem comprising four routes to market: home, workplace, destination and en-route; Pod Point has strong traction across each of these segments.
· Pod Point holds a leading position in the home charge route to market in the United Kingdom with a market share of approximately 50 – 60% and is the second largest provider of workplace charging with a market share of approximately 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).
· Current and future growth in EV adoption in the United Kingdom is underpinned by a favourable regulatory and political backdrop, including the UK government’s announced ban on the sale of new internal combustion engine vehicles from 2030. Other key growth drivers include cost reduction and technological developments in lithium-ion batteries; increasing EV vehicle choice; and a growing awareness of the impact of climate change among businesses and consumers.
· Pod Point anticipates that approximately 25 million charge points will be needed in the United Kingdom by 2040, with data from Bloomberg New Energy Finance indicating that the vast majority are likely to be home chargers. Strong growth is also expected in installations of public charge points, with cumulative installations projected to increase from around 21,000 in 2020 to between 280,000 and 500,000 in 2030, according to reports issued by the Climate Change Committee and the European Federation for Transport and Environment.
· Pod Point intends to expand investment in charging assets it owns, which Management believes will enable Pod Point 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).
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