Pod Point, a provider of electric vehicle (EV) chargers to homes and businesses in the UK and Norway, is expected to sell shares at the bottom of its price range in its initial public offering (IPO).
The company had set a range of between 225p-275p but have resolved to issue the new equity at the lower end, leading to a valuation of GBP350mln, according to Sky News.
This is despite the growing demand for EVs, as proven with Tesla’s models overtaking petrol-powered models in Europe last month, and the COP26 talks calling for a move away from diesel and petrol vehicles and towards electric.
Pod Point had hoped to raise GBP120mln in its IPO, but that number is likely to be lower now.
Founded in 2009, Pod Point was acquired by France’s EDF Energy in February 2020, and the French company will retain over 50% of the company after it lists.
It is expected that EDF and Legal & General Capital Investments Ltd (LGCIL), who currently own 23% of the company, will sell shares representing 10% of the offer as part of an over-allotment option.