Pod Point to price listing at the bottom of the range in the middle of London float jitters | Business news

The long-awaited launch of one of the UK’s largest providers of electric vehicle charging infrastructure will be priced below original expectations amid growing tremors in the London IPO market.

Sky News has learned that Pod Point is expected to sell shares at the bottom of a range of 225p-275p after a board meeting to approve the move later on Wednesday.

Pod Point’s IPO, which will value the company at £ 350m, will boost the level of investor anxiety about new issuers arriving on the London Stock Exchange.

Sources said Pod Point advisers had now covered the book at the bottom of the row, meaning the listed offering would likely continue.

Pod Point offers electric car chargers for home, business and public use
Bank of America, Barclays and Numis are working on the IPO

The result is a surprise given the hype surrounding EV and related companies, especially given the timing of Pod Point’s book construction in the run-up to and during COP26 climate summit in Glasgow.

Erik Fairbairn, Pod Point’s founder and CEO, is expected to invest £ 4 million of his own money in the IPO, with £ 120 million raised in gross proceeds to accelerate the company’s expansion.

“I believe that our smart network of charging points will be the key to enabling mass adoption of electric vehicles, helping our customers reduce their CO2 footprint and supporting the UK to reach its net-zero CO2 emissions target,” he said. Fairbairn, as Pod Point confirmed. its intention to float last month.

The company has recruited Andy Palmer, the former CEO of Aston Martin, as its senior independent CEO, with the majority shareholder EDF Energy retaining a stake of over 50% after the acquisition.

London’s IPO market has experienced a mixed 2021, with a number of prominent IPOs being drawn by companies citing difficult market conditions.

The latest to abandon its plans was Rubix, an industrial parts supplier that would have been the largest in its sector since Royal Mail was privatized in 2013.

Others who have canceled their floating plans include Pure Gym.

Pod Point, which declined to comment, was founded in 2009 by Mr Fairbairn and competes with rivals such as Chargemaster, which is now a subsidiary of BP.

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