LONDON, UK: Pod Point Group announced the successful pricing of its initial public offering at 225 pence per Share.
Based on the Offer Price, Pod Point’s market capitalisation will be approximately £352 million at the commencement of conditional dealings on the main market of the London Stock Exchange.
Erik Fairbairn, CEO of Pod Point Group Holdings plc, said: “I founded Pod Point in 2009 with a mission to make travel which does not damage the earth. Today, we are taking another great step towards making this dream a reality.
I am extremely proud of and grateful to the whole Pod Point team for getting us this far. I have no doubt that Pod Point will play a major part in the UK’s transition to electric vehicles.
I am also thankful to the new investors who have decided to support Pod Point and our vision. 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.”
Offer highlights
· The Offer Price has been set at 225 pence per Share.
· Pod Point’s total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange will be approximately £352[2] million based on the Offer Price.
· The Offer is comprised of 44,315,828 new Shares to be issued by the Company to raise gross proceeds of approximately £100 million.
· In addition, a further 4,431,583 existing Shares in the Company are being made available by EDF Energy Customers Limited (“EECL“), a subsidiary of Électricité de France S.A. (“EDF“) and Legal & General Capital Investments Limited pursuant to the over-allotment option, which, if exercised in full, would increase the number of shares in public hands to 48,747,411 Shares in total and approximately 32 per cent. of Pod Point’s issued share capital.
· EECL intends to subscribe for approximately £15.0 million of new Shares to be issued by the Company and Erik Fairbairn intends to subscribe for approximately £4.0 million of new Shares to be issued by the Company, in each case at the Offer Price (outside the Offer).
· Certain individuals, including the proposed Directors of Pod Point, intend to apply for or acquire new Shares at the Offer Price (outside the Offer) in the amount of approximately £1.3 million in the aggregate.
· Immediately following Admission, the Company’s issued share capital will be 153,403,537 Shares.
· Full details of the Offer will be included in the Prospectus.