Chargemaster, the UK’s largest provider of infrastructure to the electric vehicle market, is planning to list on the LSE in a £170m float. The IPO would take place in June 2018, according to reports by Sky News.
The company is currently privately owned and has numerous deals in place with big names in the industry, including; Jaguar Land Rover, Nissan, BMW, Renault and Tesla.
Chargemaster is apparently seeking a pre-IPO valuation of £120m and raise a further £50m via the sale of new shares. Cenkos Securities have apparently been approached to advise on the float. The company has recently closed £10m of pre-IPO funding.
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The company boasts a 50 per cent market share for electric vehicle infrastructure in the UK, having grown rapidly since it was founded a decade ago. Its POLAR network now boasts 6,500 charge points available throughout the UK for EV drivers and has 40,000 users already registered.
EV popularity is likely to continue to rise - the company is apparently targeting a tenfold increase in users in the next four years - and Chargemaster expects turnover to nearly double to £25,000 in 2018. Demand for infrastructure related to the EV industry is on the up, with electric vehicles expected to be make up a third of all vehicles by 2040.