leadf
logo-loader
viewImperial Brands
(
LSE:IMB
)

Electric car charging network Pod Point recruits former Imperial Brands boss ahead of possible IPO

The company has reportedly recruited City grandee Gareth Davis as non-executive chairman, fueling speculation of a floatation later this year

Imperial Brands - Electric car charging network Pod Point recruits former Imperial Brands boss ahead of possible IPO

Pod Point, the owner of a network of electric vehicle charging infrastructure, has reportedly recruited the former boss of tobacco group Imperial Brands PLC (LON:IMB) in a move that is likely to fuel speculation of an initial public offering on the London market later this year.

According to a Sky News report, Gareth Davis, a City stalwart, has agreed to become Pod Point’s non-executive chairman with an announcement expected to be made in the coming weeks.

Pod Point, which is majority-owned by French state-backed energy giant EDF, has also appointed Bank of America and Barclays to help oversee its potential IPO as it aims to capitalise on the growing demand for electrical vehicles and, by extension, the infrastructure needed to charge them.

The company likely gained more optimism on Monday when UK energy regulator Ofgem unveiled plans to invest £300mln in ultrafast charging points ahead of the government’s target to ban the sale of new petrol and diesel vehicles by 2030 and phasing out hybrids by 2035.

However, Pod Point’s London IPO may not be an inevitability, given the potential for the group to be snapped up by a US-listed Special Purpose Acquisition Company (SPAC), which have risen to prominence recently as an alternative route to the market for valuable companies.

Quick facts: Imperial Brands

Follow
LSE:IMB

Price: 1533.5 GBX

Market Cap: £14.52 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Panther Metals announce imminent drilling plans at Dotted Lake property in...

Panther Metals PLC (LSE:PALM) Darren Hazlewood joins Proactive London after announcing this week Niigaani Drilling Incorporated of Thunder Bay, Canada will undertake the company's planned drilling programme at its 100% owned Dotted Lake property in Ontario, Canada. He explains how the...

25 minutes ago

2 min read