Charging infrastructure provider Chargemaster has planned a June IPO from which it hopes to raise £50m, according to reports.
Sources told Sky News that the 10-year-old company is seeking a pre-fundraising valuation of £120m, which would rise to £170m should its IPO estimates be met. Brokers firm Cenkos Securities has been appointed to oversee the float, which would happen on the London Stock Exchange.
Chargemaster declined to comment on the report.
The company operates 6,500 points across the UK, and claims to control 50% of the charging point market.
It has partnerships in place with BMW, Jaguar Land Rover, Nissan, Renault, Tesla and the London Taxi Company, among others. It also installs charging points on behalf of local councils and transport authorities transport , including Transport for London (TfL), as well as retail clients like Asda, Tesco, Waitrose and Holiday Inn.
Last month, it launched a subscription service for company car and fleet drivers to access points in its Polar charging network, riding on the rise of electric vehicles (EVs) in the fleet leasing segment.
A subscription service for individual EV drivers already exists, which costs £7.85 a month and includes unlimited charging at most stations in the 6,000-strong Polar network.