(Alliance News) -Â EDF Energy-backed electric vehicle charging firm Pod Point on Monday confirmed plans to list on the London Stock Exchange.
"I am extremely pleased to confirm Pod Point's intention to float and I am delighted that we have reached this stage in the company's growth. Now is the right time for us to list - as a market leader, we are well placed to capture the significant market opportunity ahead," said Pod Point Chief Executive Erik Fairbairn.
The company is looking to list on London's Main Market and eyes a GBP120 million raise through the sale of new shares. Additionally, Legal & General Capital Investments Ltd will sell some existing shares.
Current majority shareholder EDF is expected to retain a stake of over 50% following admission and will "continue to support Pod Point's future growth". Legal & General will remain a minority shareholder.
Pod Point expects to be eligible for inclusion in the FTSE UK indices.
Fairbairn said: "I believe our smart network of charge points will be key in enabling the mass adoption of electric vehicles, helping our customers to reduce their carbon footprint and supporting the UK to meet its net zero carbon emissions target. We look forward to welcoming our new investors and continuing to deliver value to all our stakeholders."
Pod Point has engaged Barclays and BofA Securities as joint global co-ordinators and joint bookrunners, and Numis as joint bookrunner.
By Lucy Heming;Â lucyheming@alliancenews.com
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